NOL STILL COMMITTED TO LOGISTICS

NOL STILL COMMITTED TO LOGISTICS    Neptune Orient Lines, the parent company of APL Logistics and of the container carrier APL, denied that its commitment to expanding APL Logistics has changed.
   A press article in a Singapore newspaper suggesting that APL Logistics was no longer pursuing the business of providing supply-chain services is incorrect, Neptune Orient Lines said.
   “APL Logistics will continue to focus on growing those areas of its business that provide end-to-end supply chain solutions, and will also ensure that it focuses on the core business of warehousing and freight consolidation,” the Singapore-based shipping and logistics group said.
   Neptune Orient Lines said in the past that it aimed to generate as much revenue from logistics as from shipping, currently its dominant activity.
   APL Logistics posted an operating loss of $11 million in the first half of 2002, on revenue of $373 million, as compared to a deficit of $9 million and revenue of $330 million in the corresponding period of 2001.