31-07-2017

OOIL revenues rise nearly 24pc to US$1.41b in Q2 2017

OOCL

ORIENT Overseas International Ltd (OOIL), parent of Hong Kong-based container carrier OOCL, has reported a surge of 23.8 per cent in revenues for the second quarter of the year to US$1.41 billion compared to the same period last year, due largely to increased revenues from the transpacific and Asia-Europe trades.

According to an unaudited financial update released by the Tung family-controlled company, average revenue per TEU rose 16.2 per cent from the second quarter of 2016, while volumes increasing 6.6 per cent to 1.62 million TEU, according to media reports.

OOCL's second-quarter Asia-Europe volume rocketed 26.3 per cent to 295,216 TEU, followed closely by trans-Pacific volume, which expanded 25.7 per cent to 471,612 TEU. Trans-Atlantic volume in the quarter rose 11.9 per cent to 108,577 TEU but intra-Asia/Australasia volumes fell 8.5 per cent to 741,254 TEU. 

For the first six months of 2017, OOIL saw revenues rise 15.2 per cent from the corresponding 2016 period, while average revenue per TEU rose 7.8 per cent and volumes increased 6.8 per cent.

For the first half, Asia-Europe traffic grew 22.2 per cent to 546,505 TEU, trans-Pacific volume rose 23.1 per cent to 865,081 TEU, and trans-Atlantic volume was up 8 per cent to 209,438 TEU. Intra-Asia/Australasia volumes declined 5.2 per cent to 1.5 million TEU.

Based on operating fleet capacity, OOCL clocks in as the seventh largest carrier in the world at 660,028 TEU, according to ocean carrier schedule and capacity database BlueWater Reporting's Carrier Ranking Report. 

Earlier this month, Chinese state-run conglomerate Cosco Shipping Holdings and Shanghai International Port (Group) Co, Ltd made a joint offer for OOIL, valued at roughly $6.3 million. Cosco will take over the Hong Kong-listed company while Shanghai Port will hold a minority stake.

Analysts have described the deal as "expensive" and noted that it is a "massive win for the Tung family who have not made money in the container shipping industry for years".

Source: Schednet 

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