OOCL announces that Mr. Andy Tung, currently the Chief Operating Officer of OOCL, will succeed Mr. Philip Chow, as the new Chief Executive Officer of the company effective July 1, 2012.

Mr. Tung will also continue to be an Executive Director and a member of the Executive Committee of Orient Overseas (International) Ltd. (OOIL), the parent company of OOCL, and the Managing Director and a member of the Executive Committee of OOCL.

Mr. Chow has been with the OOIL Group for over 36 years and has played a critical role in shaping the company’s strategic direction and culture that has led the Group from strength to strength under his leadership. The Group thanks Mr. Chow for his invaluable contributions and guidance to the Group and wishes him a very best in this retirement. But we are very fortunate to have his continual support and active participation in the Group’s strategic issues in his capacity as the Non-Executive Director of OOIL.

Mr. Tung has served the Group in various capacities, including as Director of Reefer Trade of OOCL between 1993 and 1998. He re-joined the Group in 2006 and was appointed as the Chief Operating Officer since January 2009.

Mr. Tung holds a Bachelor degree from Princetion University and a Master of Business Administration from Standford Univeristy in the USA. He is currently a member of the Executive Committee of the Hong Kong Shipowners Association