Strategic Management2

A Strategic Analysis

Neptune Orient Lines Ltd.

Strategic Management

ContentsIntroductions:........................................................................................................................................4

Objective of report:...........................................................................................................................4

Present market environment:.............................................................................................................4

History:.............................................................................................................................................4

Vision Statement:..............................................................................................................................4

Mission Statement:............................................................................................................................5

Environment Analysis:...........................................................................................................................5

The External Environment Analysis: PEST Analysis:...........................................................................5

Political factors:............................................................................................................................5

Economic factors:.........................................................................................................................6

Environmental and Social factors:.................................................................................................7

Porter’s five forces:...............................................................................................................................7

1. Threats of New entrants (low):.....................................................................................................7

2. Rivalry among competitors (low):.................................................................................................7

3. Substitute products (Low):............................................................................................................8

3. Bargaining power of the suppliers (high):.....................................................................................8

5. Bargaining Power of buyers (High)................................................................................................8

Competitive profile matrix:....................................................................................................................9

SWOT & TOWS:...................................................................................................................................10

Strengths:........................................................................................................................................11

Weaknesses:...................................................................................................................................11

Opportunities:.................................................................................................................................11

Threats:...........................................................................................................................................13

3.2.2 Financial analysis:.......................................................................................................................15

Profit Margin Analysis:....................................................................................................................15


Liquidity ratios:................................................................................................................................15

Solvency Ratios:..............................................................................................................................16

Grand Strategy :...................................................................................................................................17

Current Strategy:.............................................................................................................................18

Recommendations and Conclusion:................................................................................................18

References...................................................................................................................................20



Introductions:

Objective of report:

The objective of this report is to research the Neptune Orient Lines’ strategy and efficacy

thereof. In this research we will analyze critically Neptune Orient Lines (hence forth referred

to as NOL)

Present market environment:

The global shipping industry is still reeling from the shocks of the greatest global recession

since the great depression. While in recent times, we have witnessed sharp upsurge in the

trade volumes there’s no guarantee that trend can be sustained in the long-run with demand

from the America and Europe on the decline. Although experts agree it’s unlikely for the

volume to slip to 2008 levels there is a looming threat of overcapacity that has long plagued

the shipping industry. Many container companies had placed orders for new ships that had

been due for delivery but had been delayed in the wake of the financial crisis and when

these new ships are set afloat the overcapacity, already hurting the shipping lines, might

mitigate against the financial gains in the last one year. (bbc, 2008)

History:

From its humble beginnings in 1958 today NOL is the 5 th largest shipping company in the

world in terms of market share. Besides its container transportation unit it runs an

independent logistics unit which is spread throughout the world. APL logistics ranks among

one of the biggest logistics provider companies. In this way NOL provides a more integrated

supply chain service to its customers. The single biggest event in the NOL’s history was its

merger with American President Lines (APL, 2010).


The coming together of the two companies saw the formation of one of the biggest shipping

lines in the world.

Vision Statement:

The vision of the NOL group is stated as “Our Vision is to be the best in the world at

moving and managing containerized trade, providing a lifeline for the global

economy.”

The vision statement states in very unequivocal terms that NOL strives to be the best in the

industry. This is good for the motivation of the staff and in engendering investor and

shareholders’ confidence in the company. The company strives to be the best in the

industry.

Mission Statement:

Our Mission is to enable trade and create long-term value by delivering: Strong

returns for our shareholders Competitive advantage for our customers Opportunities

for our employees and Support for our communities

The mission statement explicitly mentions company’s shareholders, customers and

employees. The three most important components of the business are incorporated into it.

And it goes beyond that by including the stakeholders as well, which means that company is

committed to conducting its affairs in a way such that benefits the community at large.


Environment Analysis:

The External Environment Analysis: PEST Analysis:

The process of analyzing external environment is called PEST analysis according to Morden

(2007). These are factors that a business cannot control for they exist in the external

environment. It can, however, structure it policies such that it can better adapt to these

conditions. PEST is an acronym for Political, Economic, Social and Technological factors.

Political factors:

The fallout from political misadventures can have severe economic repercussions in a world

where trade among nations is of penultimate significance to the economic and social

wellbeing of the trading nations. Although head-quartered in Singapore, NOL’s premiere

brands, American Presidential lines (APL) and APL logistics have a global reach and

therefore the health of global economy is entwined with the financial stability of these

companies. The upsurge in the total trade volume in the last century was a result of

countries lifting trade barriers, such as tariffs, quotas etc. Politics underpinned all these

decisions. These were some of the measures, besides technological advances, that

facilitated the transition to globalization. In 2001 China formally entered World trade

organization. (BBC, 2010) The impact of this arrangement became instantly obvious. For

example, in 2004, the Chinese Port of Shanghai handled container cargo worth 14,557

TEUs. In 2009 it became the second busiest port after Singapore handling 25,002 TEUS of

container cargo. (hafen-hamburg). The implication for container shipping companies is

obvious here. We know how bilateral free trade agreements between nations have

significantly changed the world. For example, talks have already begun on trans-pacific trade

agreement. The countries include Australia, Brunei, Chile, New Zealand, Peru, Singapore,

Vietnam and the United States. Speculations are also rife that major Asian economies such

as Japan, South Korea and China might later join the pact. If and when this happens, it will

be an event of mammoth proportions for the container shipping industry and we will see an

unprecedented surge in trade volume. Likewise, lifting of trade barriers at such a large scale

level will invariably lead to more trade which will provide a further impetus to the growth in

revenues for major shipping lines (The Jakarta Globe, 2010)


Economic factors:

Singapore is the busiest port in the world in terms of total cargo it handles. Its gleaming sky-

scrappers looking down upon ceaseless loading and unloading of containers and, within

close proximity of its port, tens and hundreds of ships anchored, waiting their turn to

discharge or load the cargo at the port – makes Singapore into a city that never sleeps. But

its mid 2009, and Singapore is the brightest single island in the world. Not that they

managed to put up more skyscrapers but rather there are hundreds of ships laying idle at

Singapore anchorage. Sure a mesmerizing sight at night yet their presence in such large

numbers foretells an impending economic crisis which has already wreaked havoc on the

shipping industry and NOL’s premiere brand is in the eye of the storm. Reason being that

the economic recession had just started to take its toll on the shipping industry. That was

2009 and shipping industry is still reeling from the effects of an economic tsunami of epic

proportions. (BBC, 2010)

First half of 2009 saw demand profoundly fall for APL. This period of great recession was

described by NOL as the “worst market conditions since the advent of containerization”.

Demand contracted by 31 percent. The losses sustained by one of the world’s major

container carriers reflect the scale of the economic crisis. In the year 2009 NOL registered

losses of 731 million dollars compared to a profit of 73 million in 2008. (NOL Annual report,

2009)

However, things started to look not so bleak for NOL by the first quarter of 2010. Container

shipping volume had risen dramatically by 46 %. Many other major shipping companies

recorded similar results which led some to speculate that economic recovery may be in the

offing. Recently World Bank warned that while global economy may seem to have picked up,

the demand may slacken in the short run. But at the same time is hopeful that growth rates

for developing countries will continue to rise. This is where NOL needs to capitalize. While

most of its vessels are deployed on transatlantic and transpacific routes its operations do not

provide full-fledged coverage to sub-Saharan countries which are expected to see

staggering growth figures in the future. Furthermore, the same World Bank report cautions

that economic situation in Europe remains fragile. (World Bank, 2010)


Environmental and Social factors:

It is estimated that Maritime industry produces 2.7 percent of the world’s total carbon

emissions. This is significantly lower than one would expect. Container ships account for

moving 52 percent of cargo transported via sea. A report by world shipping council claims

that maritime shipping is by far the most carbon efficient mode of transporting goods. In

showing environmental responsibility, NOL has excelled by adopting a broad-based strategy

that seeks to mitigate against the adverse affects of pollution created by its vessels. Besides

conforming to international environmental rules and regulations, NOL has taken initiatives to

spearhead the movement of “clean-ocean, blue skies”. NOL is focused on reducing exhaust

pollutants to the extent possible. To this end, it is partnering with World shipping council

which is also chaired by NOL group CEO Ron Widdows. A detailed list of its environmental

friendly initiatives is available at the following website:

http://www.apl.com/environment/html/environment_initiatives.html)

In many cases, social trends underlie consumption patterns. But what is the relevance of

these factors to transportation industry. It is of little import to ship owners what those

container boxes contain. Perhaps growing awareness among consumers of risks and costs

that entails the transport of the goods they desire from overseas may be construed as an

example of a social trend. We see a trend among developed nations where increasingly

customers are wary of businesses that conduct their affairs in a way that is detrimental to the

environment. In many ways, so far as I am concerned, being environmentally responsible

equates to being socially responsible. NOL’s response to this has been already stated

above.

Porter’s five forces:

Porter’s five force is an analytical tool for analyzing competitive environment of the industry

in which a business operates. (Hen ry , 2008 ) .The ma in ob jec t i ve i n ana l yz ing

t hese f o r ces i s t o gauge t he p ro f i t po ten t i a l i n any i ndus t r y a bus iness

ope ra tes i n by s tudy ing t he i n te rac t i on o f t he compe t i t i ve f o r ces .

(Hen ry , 2008 )

1. Threats of New entrants (low):

Shipping industry is among one of the most capital intensive industries and it will be very

difficult for new entrants to establish a foothold in such an industry. The trusted names in the

http://www.apl.com/environment/html/environment_initiatives.html


industry have been around for decades. The scale of NOL’s operations is so vast that it

faces no threat from new comers in the short to medium run. However, further consolidation

of existing companies by mergers and acquisitions can pose challenge to NOL. Furthermore,

if package delivery providers such as DHL want to provide more integrated supply chain

services then that could pose a substantial threat to NOL. These companies have sufficient

capital to not only enter the industry but also acquire some of the present container lines. But

on the whole the threat from new-entrants remains extremely low at this point.

2. Rivalry among competitors (low):

While there are multiple big players involved in the industry, its typically a buyer’s industry

where not one single shipping company can control the price. In fact, price wars are very

rate in this industry and this is reflected in the increasing cooperation we see among major

shipping lines in terms of how they exchange or offer their slots to other companies whereby

gaining from the core competencies of each other.

3. Substitute products (Low):

There is no threat of substitutes in the global container shipping industry unless new

technology supersedes the present one, such as when innovation in the shipping industry

gave birth to container shipping which snatched the market from bulk shipping.

.

3. Bargaining power of the suppliers (high):

The bargaining power of the suppliers fluctuates with the health of global economy. While

shipping companies may have many suppliers, including ship builders, the single most

important supply that has the maximum effect on the freight rates – which essentially

determine whether company registers a loss or a profit- is the fuel. When economy is

overheated, as it was before the financial crisis erupted when oil was trading at all time high


the freight rates jumped significantly. However, at that time companies were able to push

some of the costs to end customers.

5. Bargaining Power of buyers (High)

The bargaining power of the buyers is exceptionally high in this industry. As we

observed above that when the global economy overheated just prior to the eruption of

financial crisis and fuel costs skyrocketed container companies were still able to push some

of the costs to the end customers. However, when the economy started showing ends of

slowdown and global trade volume began to shrink substantially most companies continued

providing their services offering very low freight rates to their customers and while sustaining

heavy loss due to overcapacity and not being able to advantage from economies of scale.

This was a time when all big companies sustained exceptionally high costs and absorbed all

of the costs because they wanted to retain their customer bases when economy recovers.

When the economy finally recovered, companies started increasing freight rates to recoup

some of their losses.


Competitive profile matrix:

CPM is an essential strategic management tool to compare the firm with the major players of

the industry. This analysis provides both an offensive and defensive strategic context

through which to identify opportunities and threats.

Critical Success

FactorsWeight

NOL Maersk lines MSC

RatingWeighted

ScoreRating

Weighted

ScoreRating

Weighted

Score

1 Market Share 0.20 2 0.40 4 0.80 3 0.60

2 Reputation in the industry 0.15 3 0.45 4 0.60 3 0.45

3 Safety and security record 0.10 4 0.40 2 0.20 3 0.30

4 Management 0.10 4 0.40 3 0.30 3 0.30

5 Financial Position 0.15 2 0.30 1 0.15 2 0.30

6 Bargaining power 0.10 2 0.20 4 0.40 2 0.20

7 Global Expansion 0.15 2 0.30 4 0.60 3 0.45

8 Innovation 0.05 4 0.20 3 0.15 3 0.15

Total 1.00 2.65 3.2 2.90

Note: The rating values are as follows: 1= major weakness, 2= minor weakness, 3= minor

strength, 4= major strength

While the figures are not arbitrarily assigned above, CPM is not exact science. It’s based on

perception which is subject to error of judgment. In terms of market share NOL comes


nowhere near Maersk or MSC lines yet it has a reputation of reliability in the industry and its

safety and security record is quite good too. There have been at least one hijacking case

involving Maersk lines and on another instance its largest vessel was set on fire. However, it

is worth mentioning here that as the scale of your operations increase, so does the

probability of accidents. Financial position of all companies evaluated is in a bad shape yet

APL seems on course to recoup some of its losses.


SWOT & TOWS:

Swat ana l ys i s he lps t o summar i ze s t r a teg i c i s sues f ac ing a bus iness

(Gop ina th , & I . , 2009 ) .S t reng ths and weaknesses a re aspec t s o f t he

i n te rna l env i r onmen t o f an o rgan i za t i on whe reas t h rea t s and

weaknesses ex i s t i n t he ex te rna l env i r onmen t . When pu t i n t o a ma t r i x

f o rma t , t hese 4 f ac to r s he lp t o gene ra te a l t e rna t i ves i n a sys tema t i c

manne r and t h i s ma t r i x i s ca l l ed TOWS ana l ys i s . Fo r examp le , we can

ma tch t he e lemen ts o f s t r eng th and weaknesses w i t h oppo r tun i t i es and

t h rea t s t o c rea te more f avo rab le ou t comes .


Strengths:

1. Worldwide reach.

2. Logistic and terminal operations

compliment the core business.

3. great reputation in the industry

4. Established foothold in North-America’s

most major ports.

5. One of the largest shipping companies

with fairly large scale operations.

6. Back by Singapore Government

Weaknesses:

1. Compared to competitors, the scale of

operations is very small.

2. declining revenues

3. Terminal and logistics businesses’ not

generating sufficient revenue.

4. Yet to take advantage of several key

shipping routes.

Opportunities:

1. Maritime industry Projected to grow

steadily.

2. Increased transpacific trade expected in

the future due to the potential multilateral

trade-agreements.

3. Ability to attract funds for expansion

4. Operating on new trade routes.

Threats:

1. Global economy just recovering from

recession

2. Overcapacity challenges.

3. currency risks


Strengths:

NOL’s premiere brand, APL, is one of the biggest container shipping companies. By some

estimates the fifth biggest shipping company. Besides APL, NOL’s other brands include APL

logistics and APL terminals. Neptune Orient lines’ strength is built upon its reputation. Just in

2010 it was recipient of over a dozen awards.

A shipping company linked to terminal operating company has many competitive

advantages.. APL itself is a major contributor to terminals’ revenue. This gives NOL an edge

over its competitors in United where it operates key terminal facilities. For example, the ports

of Los Angeles, Seattle and Oakland. APL logistics, another NOL owned business, has

established its presence across 5 continents. In the supply chain business, APL logistics has

made considerable headway and covers a vast array of supply chain services. (APL

Logistics, 2010)

.

Weaknesses:

APL vessels operate with a total capacity of 549,643 TEU with plans to increase capacity by

7 percent. http://www.joc.com/maritime/apl-expand-capacity-7-percent ( Leach , 2010 ) .

This pales in comparison to its most immediate competitors such as A.P. Moller-Maersk and

Mediterranean shipping which have a capacity of 2,038,983 1,505,646 TEU respectively.

Moving on, according to 2008 estimates, APL enjoyed a market share of just 4.1 percent,

compared to Maersk lines with a market share of staggering 15 perfect, followed by

Mediterranean shipping with a market share of 11.1 percent. In view of the anticipation of

rise in global trade, if APL wants to continue to play a major role in this industry, it must

increase its capacity. Furthermore, increase in the scale will also allow NOL to benefit from

stronger bargaining power. (Business Monitor Online, 2009)

Besides this, while the company maintains a substantial presence along the major trans-

pacific, transatlantic routes, it is yet to capitalize on other trading routes such as Africa and

Middle-east.

http://www.joc.com/maritime/apl-expand-capacity-7-percent


Opportunities:

Because of the company’s strong brand image and reputation as a reliable enterprise it had

never had any problems financing it debts by means of issuing rights issues. When it did so

last year to pay off its debts, it accumulated enough capital to not only shore up its financial

position but also be able to expand the scale of its operations by, say, acquisition of new

businesses? Furthermore, more opportunities lie ahead for NOL. APL has opened new

service lines along different routes within Asia and across continents where it did not

previously have a major presence. ( "APL env i sages wo r l d Marke t , " 2008 ) The

greatest opportunity however lies in capitalizing onto the growing maritime industry. By 2013,

the industry is forecasted to increase by 23 percent since 2008.


Threats:

Transpacific growth is projected to remain weak with major developed countries’ economies

still recovering from a major financial crisis. APL became one of the first companies to

reactivate all of its laid up vessels yet this poses the threat that if global economy doesn’t

fully recuperate then NOL might suffer substantial losses due to overcapacity. (Lloyd’s list,

2010)


TOWS Matrix

S-O Strategies:

1. Global scale of operations will allow the

business to reap maximum benefit from the

growth in the Industry (S1,01)

2. Great reputation in the industry will help the

company enter new markets for supply chain

businesses.(S2,02)

W-O Strategies:

1. NOL can increase its market share by

entering new trade routes such as the

transpacific route. (W1,02)

2. Company’s reputation will allow equity

capital to be raised. (W1,03)

S-T Strategies:

1. Eventually, when economy pulls out of

recession NOL will be well positioned to

benefit from the growth (S1,T1).

W-T Strategies:

1. Excess capacity can be employed to

cater to trade routes in Asia. (W1,T2)


3.2.2 Financial analysis:

Profit Margin Analysis:

Item 2009 2008

Gross Margin - 0.31% 10.29%

Profit Margin -11.34% 0.95%

Operating Margin -10.71% 1.47%

ROE -26.3% 3.52%

ROA -13.83% 4.25%

The results are not surprising. Unprecedented slump in international trade ate into

companies’ profits. All big companies suffered alike, including Maersk – the biggest

company by market share. From the report above we can ascertain that it’s mainly the

operating costs that increased tenfold times on a year-to-year basis that became a cause of

real worry. The sharp rise in operating costs is attributable to vessels being not operated at

full-capacity. Indeed, APL laid up many of its vessels during the crisis yet laid up vessels

incurs high costs too, including wages to sea-men. If say a ship’s total capacity is 5000

TUEs and its only 1 5th loaded then it becomes immediately clear why operating costs can

spiral out of control.

Liquidity ratios:

Item 2009 2008

Current Ratio 110.7% 95.94%

Quick Ratio 96% 88.70%

Cash Ratio 30.85% 28.35%


The liquidity position of the company has improved from 2008 as evidenced from the table

above. The company is much better poised than 2008 to pay off its short terms debt.

However, quick ratio reveals that it has substantial amount of money tied in inventories

which can be reduced to bring the quick ratio within 1.

Solvency Ratios:

Item 2009 2008

Debt to Equity Ratio 88.03% 117.38%

Debt Ratio 46.81% 53.99%

Solvency ratios have also improved from 2008. But they are still substantially high. Because

the company is owned by GOV of Singapore there’s no risk, at present, of the company

defaulting on its debt; however, it will have to reduce reliance on debt to expand its

operations.


Grand Strategy :

Weak

Competitive

Position

Rapid Market Growth

Strong

Competitive

Position

Quadrant II

1. Market Development

2. Penetration

3. product development

4.Horizontal integration

5. Liquidation.

Quadrant I

Market development

Market penetration

Product development

Backward and forward

integration

Quadrant Ⅳ

1. Concentric

diversification

2. horizontal diversification

3. Joint ventures

Quadrant Ⅲ

1. Turnaround or

retrenchment

2. Concentric

diversification

3. Conglomerate

diversification

5. Divestiture

6. Liquidation


Source: adapted from Roland Chrisensen, Norman Berg, and Malcolm Sulter, policy

formulation and administration (Homewood, IIIL Richard D. Irwin, 1976), 16-18.

According to Robert N. Lussier (2008) Grand strategy is the overall corporate strategy and it

may entail growth, retrenchment, and divestment; or a combination of all of the above. While

initially NOL was pursuing a growth strategy, by increasing capacity, these efforts were

hampered by unforeseeable events: namely, the 2009 recession. It now faces the dreadful

prospect of overcapacity when new vessels are set afloat. Until now, NOL’s strategy was

focused on growth. Just in one year, revenue dropped from around 8.5 billion to 6.5 billion

and net profit from 137 million in 2008 to a loss of 700 million in 2009. Faced with such a

grave situation, company, it is advised, should adopt a turnaround strategy, perhaps in

combination with retrenchment strategy. Turnaround strategy involves resuscitating, as it

were, a business making substantial loses and retrenchment involves liquidation of some of

business’ assets Robert N. Lussier (2008). NOL’s greatest assets, of course, are its ships.

The average age of its fleet is nine years. However, many of its vessels that were purchased

in early or mid-nineties can be sold off to improve the liquidity position of the company. This

will help bring down administrative expenses substantially, especially those associated with

the problem of overcapacity. Secondly, while cutting down capacity, NOL can continue to

pursue growth strategy by expanding operations along new trade routes in Asia and Africa,

for example. To do so, NOL can enter partnership agreements with container-liners

operating along those routes for the mean-time.

Current Strategy:

NOL was one of the first companies to bring back into operation vessels that had been laid

up as a result of financial crisis. NOL is presently increasing capacity like other major

container shipping companies. The company is presently operating at a capacity of

7,609TEUs.which gives it a market share of 4 percent, making it the fifth largest container

shipping company. Furthermore, while the company has increased the capacity and is


looking forward to charter additional ten ships, it is continuing a policy of slow-steaming

which cuts fuel consumption by up to 30 percent. Furthermore, by 2012 another 13 vessels

will be added to the present fleet, adding 112,736TEUs more to the present capacity.

(“Business Data Monitor” 1-6)

Recommendations and Conclusion:

While in terms of totally capacity APL is the 5th or by some estimates the 6 th largest

company it faces mounting challenges from its most immediate competitors whose order

book seems to indicate that by the time new vessels are delivered they will take away some

of APL’s market share. (NOL, 2010). The market share of APL’s most immediate

competitors is almost the same, around four percent range. Hapaq Llyod, Evergreen and

APL have market shares of 4.1, 4 and 4 percent, ranked 4th, 5th and 6th respectively.

(Kon rad , 2009 ) Companies ranked 7th, 8th and 9th boast a market share of 3.9, 3.8 and

3.7 percent respectively. (Bonney , 2010 ) These small percentage differential points pose

a substantial challenge to APL to retain its current position in the market. Even though,

financially, some of these companies are deeply under debt when economy fully rebounds

they will be better placed to ride the growth and if all goes well, will, in longer to middle run,

recoup their losses and make substantial profits because while no one can predict with

precision at what rate the trade volumes will grow, we know for certain that with more FTA’s

being signed, and Intra-Asia trade offering promise, we will see substantial increase in trade

volume. APL, I recommend, should pursue a growth strategy and add larger vessels to its

fleet. It’s more economical to operate larger vessels – those in excess of 5000 TUEs. This is

because, if fully loaded, they gain from the economies of scale. While bearing some risks –

as with every business undertaking – the rise in global trade will expand, not shrink, and in

the longer to medium term the capacity now being acquired will offer dividends in future.


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