NOL failed because of the incompetency of CEO Ng Tat Chung. Ng was parachuted into the CEO position with no experience in shipping and was previously a high ranking officer in the army. NOL made losses 5 years in a row under Ng. What's even more surprising is that CMA-CGM turned NOL around and back to profitability in 12 months. Ng then went on to head another Temasek owned company SPH and again failed spectacularly.
@@ogukuo97 do you also know that the government of Singapore bailed SPH out when they restructured the business and put all their media business under a SPV which was subscribed by the government and in turn, taxpayers money under Ng, who took umbrage at a reporter for asking about the integrity of the media journalism in SPH? Umbrage Ng they call him
@@gohuat nothing to do with PAP. Let's be clear here. Its the sheer incompetence of Ng Yat Chung and temasek for putting him there. Nothing to do with politics or political party. Don't try to hoodwink others by linking it to politics
I too was employed on board its ships as an engineer but was disappointed that "scholars" was managing the company and it fell because of these people.
He is a moron in running business…. Beside NOL,,, he also run many other businesses units into the ground 😢😢😢 Hopeless general…see his fiasco in dealing with SPH issues😂😂😂
What can you expect from a failed organization that can pay less than minimum wage to conscripts, exploits them to wayang, "rush to wait, wait to rush" stupidity? The SAF is only good for organizing annual NDP & army half marathon. Most of the real work are done by conscripts while the regulars take 4 tea breaks a day. Most functions are outsourced like the cookhouse, maintenance & logistics. SAF regulars are overpaid asswipes. Their market value can clearly be seen when they retire at 45 or 55. The only jobs they can do are security guards.
Business sector and Army operations are different ball games. Good business personnel have the acumen and can think out of the box. This makes the difference.
Probably have the highest number of Generals/Commissioners per capita in the world.. Too many government scholars, their career progression that's the fundamental issue.. after their stint, they will go to government positions or government linked companies..
This is called getting political appointees. People are put in that position not because they know how to do business but because of political connections. Fortunately this is not that common in Singapore. Very common in Malaysia, hence many of their GLCs are totally useless.
Well said. In Malaysia, all retired generals get directorship position in a public listed company or GLC, with at least a Dato title thrown in. This practise has to stop.
Never let a person who never knows and never hold a ship steering wheel to lead the company….it will run aground and sink the ship and bankrupt the company😢
Downfall and nobody's incompetence. That life in Singapore who have the supposedly brightest brains in the whole country n higest paid to go. You got the best of the best 😂 enjoy😁
They were too ambitious and expanding too quickly, failing to do a proper risk assessment thinking the future will be smooth sailing. I think not only it was crippled by the two financial crisis but by early decisions to buy smaller companies when they are still in debt. Taking huge loans and high risks on an industry that can be highly volatile.
The company ws too much inward focused and too much emphasis on analysis on almost everything which led to a sort of paralysis across the orgn. Despite a brilliant talent bench & excellent management team, emphasis most often went to naysayers within them. The last but the least ws the frequent change of CEOs and their visions. The last CEO (one yacht chung) ws horrible. Neither he knew shipping nor hd the desire to know nor allowed his team to do something. After all, shipping is a biz where the time is money - both in terms of sunk & running and the speed in revenue generation cannot be held back.
If is government own then any failed probably are using our local breed Singaporean whole-life hard-earned stressed n sweat c p f money that invested thats why our local breed whole-life hard-earned stressed n sweat c p f money are not able to return sooner due to many failed investments overseas or else why our c p f money are not return sooner have to keep dragging further
NOL failed because of the incompetency of CEO Ng Tat Chung. Ng was parachuted into the CEO position with no experience in shipping and was previously a high ranking officer in the army. NOL made losses 5 years in a row under Ng. What's even more surprising is that CMA-CGM turned NOL around and back to profitability in 12 months.
Ng then went on to head another Temasek owned company SPH and again failed spectacularly.
Are you able to prove what you said using facts and figures?
@@ogukuo97 yes. Just Google it up. These are all based on news and facts. Not my opinion
@@ogukuo97 do you also know that the government of Singapore bailed SPH out when they restructured the business and put all their media business under a SPV which was subscribed by the government and in turn, taxpayers money under Ng, who took umbrage at a reporter for asking about the integrity of the media journalism in SPH? Umbrage Ng they call him
@@xxxcool2565 bro ur friend?
@@xxxcool2565 OK. So what the facts backing up what you said?
The CEO ran NOL for 5 years at loss and forced to sell to a foreign company whom made NOL profitable within one year, this record says it all.
Incompetency from PAP end to parachute an ex general into a corporate setting as the CEO with no prior experience in shipping. What a bunch of clowns.
@@gohuat nothing to do with PAP. Let's be clear here. Its the sheer incompetence of Ng Yat Chung and temasek for putting him there. Nothing to do with politics or political party. Don't try to hoodwink others by linking it to politics
@@xxxcool2565?
Useless paper general. What does he knows about business??? Nuts.
I too was employed on board its ships as an engineer but was disappointed that "scholars" was managing the company and it fell because of these people.
Like fitting square pegs in into round holes.
See what happens when you put a former army general in charge OMG 😮
He is a moron in running business….
Beside NOL,,, he also run many other businesses units into the ground 😢😢😢
Hopeless general…see his fiasco in dealing with SPH issues😂😂😂
What can you expect from a failed organization that can pay less than minimum wage to conscripts, exploits them to wayang, "rush to wait, wait to rush" stupidity?
The SAF is only good for organizing annual NDP & army half marathon.
Most of the real work are done by conscripts while the regulars take 4 tea breaks a day.
Most functions are outsourced like the cookhouse, maintenance & logistics.
SAF regulars are overpaid asswipes.
Their market value can clearly be seen when they retire at 45 or 55.
The only jobs they can do are security guards.
Business sector and Army operations are different ball games. Good business personnel have the acumen and can think out of the box. This makes the difference.
They have gone through extensive search
Can make a video on Chartered Semiconductors?
What do you think about the downfall of Neptune Orient Lines?
Singapore is not invincible
Umbrage Ng was the main reason
@@dfdsfst12220 LOL. He was.
Probably have the highest number of Generals/Commissioners per capita in the world..
Too many government scholars, their career progression that's the fundamental issue.. after their stint, they will go to government positions or government linked companies..
Nice coverage. From what I can see, NOL's downfall is due to heavy debt and a series of bad luck.
under the wrong hands
Like in a football team, a goalkeeper will never make it as a striker to score goal for the team. Just an analogy.
Proudly brought to you by Umbrage Ng.
I am part of NOL Group based in the US in 1998 😊
This is called getting political appointees. People are put in that position not because they know how to do business but because of political connections. Fortunately this is not that common in Singapore. Very common in Malaysia, hence many of their GLCs are totally useless.
Well said. In Malaysia, all retired generals get directorship position in a public listed company or GLC, with at least a Dato title thrown in. This practise has to stop.
Never let a person who never knows and never hold a ship steering wheel to lead the company….it will run aground and sink the ship and bankrupt the company😢
Very interesting topic but it confuses me a bit with the ongoing changes in currencies
Your channel name is Behind Asia. why you don't make videos on middle east and Central asia ?
Would SIA be next or DBS 😂 invest heavily in India 😂
Downfall and nobody's incompetence. That life in Singapore who have the supposedly brightest brains in the whole country n higest paid to go. You got the best of the best 😂 enjoy😁
Unfortunately, someone forgets that "military" brains are full of muscles and not enough brain cells... yes sir, yes sir, three bags full ... ha ha ha
Compared to Hong Kong shipping companies?
Just in case you have missed it, Video starts at 0:01
They were too ambitious and expanding too quickly, failing to do a proper risk assessment thinking the future will be smooth sailing. I think not only it was crippled by the two financial crisis but by early decisions to buy smaller companies when they are still in debt. Taking huge loans and high risks on an industry that can be highly volatile.
Everything of SGP had been sold off...!!!🙄😬🤨😡
The company ws too much inward focused and too much emphasis on analysis on almost everything which led to a sort of paralysis across the orgn. Despite a brilliant talent bench & excellent management team, emphasis most often went to naysayers within them. The last but the least ws the frequent change of CEOs and their visions. The last CEO (one yacht chung) ws horrible. Neither he knew shipping nor hd the desire to know nor allowed his team to do something. After all, shipping is a biz where the time is money - both in terms of sunk & running and the speed in revenue generation cannot be held back.
The name also nol, nol means zero in indonesia , thats why they bankrupt
With such colorful record, why not join the ruling party? It is an item in many people wish list.
I cant help but think Singapore is on a slow decline into oblivion. just a matter of time. maybe 15 years from now
Yes none of the Singapore corporation becomes great...DBS and SiA are exceptions because so much money throw at them already
Paper generals not good at business
All singapore brands will never go global, razor will go down too
everything will go down lol, you act like being a big company with triple digit years of operating is a common thing lol, also it's razer
Incompancy
Singapore think they are invisible.
did you meant invincible?
Singapore us unstoppable
Behind Asia … hide behind keyboard to bad mouth Singapore 😃😃
If is government own then any failed probably are using our local breed Singaporean whole-life hard-earned stressed n sweat c p f money that invested thats why our local breed whole-life hard-earned stressed n sweat c p f money are not able to return sooner due to many failed investments overseas or else why our c p f money are not return sooner have to keep dragging further