Mr. Peter Williamson

Mr. Peter WilliamsonHead of Shipping Research - AsiaPhone: 2823 3596Fax: 2823 3560E-mail: peter.g.williamson@macquarie.com

"You might see that peak in 2006 but we're sitting in the middle of 2004, so I think it's too early to call to sell the stock right now," said Peter Williamson, a regional shipping analyst at Macquarie Securities in Singapore. .Williamson, who has a "buy" recommendation on Neptune Orient with a target price of 3.12 Singapore dollars, or $1.81, said next year should be "equally strong" for global shipping. .
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"You might see that peak in 2006 but we're sitting in the middle of 2004, so I think it's too early to call to sell the stock right now," said Peter Williamson, a regional shipping analyst at Macquarie Securities in Singapore. .Williamson, who has a "buy" recommendation on Neptune Orient with a target price of 3.12 Singapore dollars, or $1.81, said next year should be "equally strong" for global shipping. .
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"You might see that peak in 2006 but we're sitting in the middle of 2004, so I think it's too early to call to sell the stock right now," said Peter Williamson, a regional shipping analyst at Macquarie Securities in Singapore. .Williamson, who has a "buy" recommendation on Neptune Orient with a target price of 3.12 Singapore dollars, or $1.81, said next year should be "equally strong" for global shipping. .
...
"You might see that peak in 2006 but we're sitting in the middle of 2004, so I think it's too early to call to sell the stock right now," said Peter Williamson, a regional shipping analyst at Macquarie Securities in Singapore. .Williamson, who has a "buy" recommendation on Neptune Orient with a target price of 3.12 Singapore dollars, or $1.81, said next year should be "equally strong" for global shipping. .

Peter WilliamsonE-mail: peter.g.williamson@macquarie.com

Peter WilliamsonE-mail: peter.g.williamson@macquarie.com

Peter WilliamsonE-mail: peter.g.williamson@macquarie.com

"They'll use this opportunity to build the business," said Peter Williamson, an analyst at Macquarie Securities in Hong Kong.
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"Pricing power was clearly with" Neptune Orient through 2004, Williamson of Macquarie Securities wrote in a note released Monday.

Based on concerns about the current outlook for commodity and freight prices, Peter Williamson of Macquarie Bank has lowered the bank's target price for the stock to 1.12 dollars from 1.35 dollars previously.But he said the company remained a "structurally strong long-term story." That long-term view is crucial for Elman.With Noble's current market capitalization of about 3 billion dollars, his share, held in trust for his family, is worth 1.2 billion dollars. Elman has come a long way from his days as a laborer in a scrap-metal yard in England, where he began his career. The days of heavy laboring are far behind him, but to varying degrees his career has always been linked to metal.After quickly rising to manage the scrap-metal yard, he briefly moved to San Francisco in 1969, buying scrap and loading ships, before his sense of adventure pushed him to Japan, where he worked as a middleman between local steel suppliers and U.S. manufacturers. By 1971, he had set up his first company, Metal Ore Asia, in Hong Kong.When it was taken over by the commodities giant Philipp Brothers, known later as Phibro, he stayed on for 10 years, eventually heading that company's Asian operations. In 1986, Elman set up Noble with $100,000 from his savings.By his own account, the company made a "decent living," but after a few years was still "not going anywhere." He even considered leaving the business and heading for the beaches. "In order to grow the company we had to raise capital," he said."We were putting back on the balance sheet everything we were earning but it was too slow, it had no real traction.That's when we decided to raise some money and list." Elman, who said he was "very comfortable" with having to talk to investors, has since driven the company forward aggressively, benefiting in recent years from the insatiable demand for commodities in China.