Hong Kong - Investment company O rient Overseas International Limited, OOIL, the parent company of Orient Overseas Container Line, OOCL, has announced profits for 139 million dollars in the year’s first half. This is compared to a loss of US$10.3 million for the same period in 2018.
The cooperation witch COSCO shipping holding - in July of 2018, COSCO successfully acquired OOIL, with the new combined group stepping up in terms of total capacity and joining the top three in the industry - is bearing fruit.
In the first half of 2019, despite an economic environment filled with uncertainties, and with seemingly slowing growth in terms of demand for container shipping services, OOIL’s financial outcome for the period is a meaningful improvement from the same period last year, writes a press release. The good results are attributed to the joint efforts of the management team and all staff of OOIL under the guiding principle of “outperform the market, drive innovation, lead the times”.
Compared to the first half of 2018, OOCL liner liftings increased by 3.2%, but revenue levels increased by 6.5%. Market growth did indeed slow down in some trade lanes, but in many cases this slow down in volume growth was outpaced by an improvement in the freight rates.