ORIENT
Overseas International Line (OOIL), the
parent company of Orient
Overseas Container Line (OOCL) and
a subsidiary of Cosco, has posted a profit attributable of equity holders
of US$102.1 million for the first half of this year, 19.4 per cent down from
the profit of $139.0 million in the same period last year.
Total revenue for the six-month
period amounted $3.43 billion, a rise of 3.9 per cent from $3.30 billion in the
same period in 2019. Total volumes carried by OOCL's vessels were down 2.6 per
cent year on year to 3.29 million TEU.
"Compared to the first half
of 2019, OOCL total liner liftings decreased by 2.6 per cent, but revenue per
TEU increased by 6.0 per cent. Negative market growth occurred on several
trades, but in some cases this drop in liftings was outpaced by an improvement
in the freight rates."
The Hong Kong-based company
explained that faced with dire predictions, OOCL reacted "by paying
careful attention to customer demand and reviewing and calibrating our services
accordingly on a timely basis."
OOIL financial outcome was also
helped by a fall in fuel prices and the low interest rate environment. The
company said in its statement that it "continues to benefit from its
co-operation with the wider Cosco Shipping group".
Looking ahead, the Hong
Kong-based shipping company said: "The pandemic will have long-lasting
effects, and the epidemic prevention and control measures adopted in many
countries have become part of daily life.
"Thanks to the tremendous
efforts of all parts of society, as well as economic stimulus packages, many
economies have re-emerged from lockdowns and have restarted activity. Against
the difficult backdrop, China has managed to expand its GDP 3.2 per cent year
on year in the second quarter of 2020, a sign that production activity is
steadily improving, which gives us some degree of hope for a more widespread
recovery.
"While the pandemic could continue
to bring uncertainties in the rest of the year, tensions in global trade
relationships or other factors such as oil prices could also have an impact on
our business in the coming months. In this situation, the only rational
response is to remain cautious."
Source : HKSG.
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