NOL

NOL: Drewry Maritime Equity Research Upgrade to Attractive. Note that 2014 estimated to be profitable. NOL’s cost saving efficiency drive, which started early last year has helped it secure significant cost savings. 2014 profitability likely on continued cost controls. Believe NOL’s net gearing will reduce marginally starting next quarter and will continue so in the next year as well declining to 1.4x in FY14.