Spotlight: APL Says Its Sale to Neptune Orient Is Complete

APL Ltd. said its $825-million acquisition by Singapore-based Neptune Orient Lines Ltd. has been completed, creating one of the world’s largest shipping and container companies. APL will maintain its headquarters in Oakland and will become a Neptune subsidiary. The move comes amid a wave of consolidation in the shipping industry, as competition toughens and rates fall. Neptune Orient and APL said the combined company will have a broader reach and greater flexibility to cut costs.