SINGAPORE's Neptune orient Lines has dismissed reports that it is making a fresh bid for rival German shipping line Hapag-Lloyd after a failed attempt three years ago.

    "NOL wishes to state that currently, it is not making another bid for a stake in Hapag-Lloyd," the transportation group and owner of container shipping arm APL said in a statement to the Singapore Stock Exchange.

    "NOL evaluates investment opportunities from time to time and will make the necessary announcements when appropriate."

    The announcement comes after German newspaper Die Welt claimed that the Singaporean group has resumed talks with owner TUI about buying the German tourism group's 38.4 per cent stake in Hapag-Lloyd.

    The report said that NOL suspended trading in its shares pending the statement.

    It noted that on November 18, TUI said it is increasingly likely it will exercise an option to sell its stake in January to the Hamburg-based Albert Ballin consortium that owns the remainder of the carrier, rather than float it on the stock exchange or sell it to a third party investor. Yet the company still remains open to selling its stake to an outside investor.

    TUI scrapped plans to float part of its equity interest in Hapag-Lloyd earlier this year due to turbulent conditions on European stock markets.

(Source:shippingazette)