HONG KONG's Orient Overseas (International) Limited's (OOIL) profit increased 474 per cent year on year to US$270 million in 2014, drawn on revenues of $6.5 billion, which increased 4.6 per cent.
OOIL profit up 474pc in 2014 to US$270 million, revenues rise 4.6pcHONG KONG's Orient Overseas (International) Limited's (OOIL) profit increased 474 per cent year on year to US$270 million in 2014, drawn on revenues of $6.5 billion, which increased 4.6 per cent.
OOIL's principal holding is Orient Overseas Container Line (OOCL), attributed its spectacular profit increase mostly to cost control while reporting a 1.9 per cent decline in per box revenue together with a 10 per cent fall in operating costs due to a decline in world oil prices.
In 2014, OOCL took delivery of two new 13,208-TEU ships and will take delivery of four 8,888-TEU vessels from Hudong-Zhonghua Shipbuilding this year.
As part of the re-fleeting plan, one nine-year-old and two 11-year-old 8,063-TEUers were sold and chartered back for a three-year period in 2014.
"It is expected that trade growth in 2015 will outperform that of 2014, and bunker cost savings for the industry will become more apparent," said a company statement.
"Notwithstanding the larger orderbook for delivery in the year 2015, we anticipate gradually improving industry dynamics and margin," it said.
