SINGAPORE (July 20) Neptune Orient Lines, the struggling shipping company valued at US$1.7 billion ($2.3 billion), denied it has entered into any agreement for a potential sale of the company as announced by the media.

On July 16, the Wall Street Journal reported that Singapore state investment company Temasek Holdings, which owns 65% of the company, has put up NOL for sale, citing people familiar with the matter.

In a July 19 filing, NOL said, “The Company has not made any decision with respect to, and has not entered into any agreement for, a potential sale of the Company and there is no assurance that any agreement for the sale of the Company will be entered into.”

NOL said it remains focused on returning its core liner business to sustainable growth and profitability.

The company added that it has invested in 32 new and modern ships, continued to streamline its costs and, after the sale of APL Logistics, has a much stronger balance sheet.

In February, NOL sold its logistics business to Kintetsu World Express Inc for US$1.2 billion, a move which triggered renewed market speculation of a sale of the entire company.

NOL closed 0.5 cent higher at 87.5 cents last Thursday.