NOL

NOL: Macquarie note that over the nx 2-3yrs NOL could have the opportunity to further assert its position as a leading containership operator as it takes advantage of the financial challenges likely to face its less well-capitalised competitors, esp. in Europe. Grp is currently trading on a P/BV of 0.7x, which is in line with the avg for Asian containership operators, and house do not see any near-term positive catalysts and maintain Neutral rating.