HONG KONG's Orient Overseas (International) Ltd (OOCL) posted a US$402.3 million loss, its first annual loss in 11 years, with revenues plunging 33 per cent to $4.35 billion.
In a statement to the Hong Kong stock exchange, OOIL blamed falling rates and volumes of its poor 2009 performance with container throughput sliding 14 per cent.
Said the OOCL statement: "2009 presented the worst market conditions ever experienced in the container shipping industry. The financial tsunami had hit the real economy by the end of 2008, and 2009 opened with a collapse in container freight rates as excess shipping capacity chased a dearth of demand.
"Recessionary economic conditions in OECD countries in the first half of 2009 affected global trade volumes with demand for consumer goods and semi-finished goods contracting," said the statement.
"During the year, net operating capacity was reduced as a result of redelivery of chartered ships to owners. Charter rates were reduced substantially for the remaining chartered vessels.
"Slow steaming was extensively deployed as bunker costs escalated and spare ships became available. Besides cost savings, slow steaming also reduced greenhouse gas emissions and kept surplus ships employed," the statement said.
Source : HKSG.
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