NOL sells Jersey City building for $24 million

NOL sells Jersey City building for $24 million    Neptune Orient Lines, the Singapore-based shipping and logistics group, is selling an office building in Jersey City, N.J., for $24 million.
   Neptune Orient Lines said the sale of the 11-storey, 11,500 square-meter building is part of its continued divestment of non-core assets and businesses.
   The building formerly housed some of the business operations of American Eagle Tankers, the group’s former tanker shipping subsidiary, sold in July.
   The Singaporean group will record a profit of $5.3 million on the sale, including a gain of $500,000 and a write-back on provision of $4.8 million. It will record the profit in the 2003 fiscal year.
   Lim How Teck, chief financial officer of Neptune Orient Lines, said the proceeds of the property sale would be used to reduce debt and raise value for shareholders.