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This is a big story, no question. Neptune Orient, the state-owned Singaporean shipping concern which owns loss-making container shipping line APL is considering selling its logistics arm to CJ Korea Express, which could raise as much as $1bn for the company. APL Logistics has consistently made a profit, while its container shipping brother has consistently made a loss and is expected to post more red ink this year – the fourth loss-making year in a row. Which begs the question: what exactly is the point of owning a box carrier?

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