Singapore, 27 January, 2003:
In the wake of the Straits Times article of 25 January, 2003 headlined "NOL Reverses Course on Logistics Ventures", Neptune Orient Lines (NOL) clarifies that its commitment to growing its subsidiary, APL Logistics, is unchanged.

The article put a number of comments in a recent interview out of context.

The suggestion in the article that APL Logistics was no longer pursuing the higher-value business of providing supply-chain solutions is incorrect. 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, thereby building on its existing book of business in its effort to return to profitability.

APL's acting CEO also did not forecast NOL was likely to return to profit this year, as stated. Consistent with other comments by company officials, he said the company (APL) was targeting a return to profitability this year.