SINGAPORE (Oct 29) -- Neptune Orient Lines, Southeast Asia’s biggest container line, has asked for offers for its APL Logistics unit in a sale that could fetch at least US$1 billion, people with knowledge of the matter said.

The company has sent sale documents to potential buyers and asked for first-round bids by the end of November, the people said, asking not to be named as the process is private.

Neptune Orient is forecast to post a fourth straight annual loss this year as slowing economic growth and excess capacity depress shipping rates. In the past two years, it has sold some vessels and its Singapore headquarters building to cut costs.

Neptune Orient announced in August it is considering options for APL Logistics, including a sale or initial public offering. The unit accounted for 18% of sales last year.

There hasn’t been any material development on the review and there’s no assurance any deal will be concluded, Neptune Orient said today in an e-mailed response to Bloomberg.

CJ Korea Express Co., the country’s biggest courier delivery company, said this month it is considering an acquisition of APL Logistics.