NOL

NOL: CIMB has Container shipping sector update. Maintains Overweight on sector. We are positive due to light orderbook against existing fleet compared to the bulk and tanker sectors. Expect Freight rates to dip in 2011 after a strong 2010 performance, but should move up again in 2012. Rates NOL at Outperform with $2.63 TP, on back of structural cost reduction from fleet replacement.