NOL seeks US rail buyer

PUBLISHED : Friday, 16 October, 1998, 12:00am
UPDATED : Friday, 16 October, 1998, 12:00am

Neptune Orient Lines (NOL) is seeking a buyer for the North American rail network that is part of its APL unit, industry sources say.

The Singapore shipping giant last week said it would sell non-core assets to help pay off debt but did not mention the rail network, which could sell for between US$300 million and $600 million.

NOL could decide to buy another shipping line with part of the proceeds, sources said.