NOL could be in for better luck in FY15, with bunker fuel prices declining from US$600/ MT to less than US$300/MT in a little over six months. Given that NOL' s liner business consumes about 3m MT of bunker fuel per year, this implies significant cost savings. We revise up our FY15 net profit expectations from US$46m to US$203m, taking into account the return of 19 chartered-in ships this year as well. Press reports have indicated that NOL has received offers from several interest parties for its APL Logistics arm. Assuming US$80m EBITDA for APL Logistics and a 10x EV/EBITDA multiple, NOL could register a one-off gain of around US$200-250m if the sale is completed. With the revision in earnings and higher US$ exchange rate, our TP is revised up to S$1.10, now based on 1x FY15 P/BV, pegged to mean valuation levels.