Singapore's global transportation and logistics company, NOL, has agreed to sell all its shares in OCWS Logistics to CWT Ltd, a logistics company listed on the Singapore bourse, for S$20 million (US$13 million).

A company statement announced that the sale of OCWS is consistent with NOL's strategy to focus on its core liner shipping and high value added logistics services and divest itself of non-core businesses.

OCWS operates in the Singapore market, providing container, trucking and warehousing services.

Completion of the sale is expected to take place this month.