OOIL quarterly revenues increase 6pc to US1.38 million

HONG KONG's Orient Overseas International (OOIL) increased fourth quarter revenues six per cent year on year to US$1.38 billion with revenue per box was up 9.6 per cent.

OOIL, parent of Orient Overseas Container Line (OOCL), increased container volume 3.6 per cent year on year in the fourth quarter with revenue rising 15.4 per cent.

OOIL reported its loadable capacity increased 5.1 per cent and overall average revenue per TEU was up 11.4 per cent year on year. But the load factor was 1.2 per cent lower than the same period in 2016.

In October 2017 Cosco, OOIL and Shanghai Port Group (SIPG) confirmed Cosco's $6.3 billion acquisition of OOIL.

It was announced that the purchase had fulfilled the pre-conditions of its antitrust review after the waiting period expired.

The merger results in the combined entity becoming the world's fourth biggest container carrier, with 400 vessels.

When finalised, Cosco will hold 90.1 per cent of shares while SIPG will hold the remaining 9.9 per cent stake in OOIL.

Source: Schednet

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