A favourable H1/2020 for OOCL
The Hong Kong-headquartered Orient Overseas (International) Limited Group (OOIL), which was acquired by Cosco Shipping in 2018, recently reported its results for H1/2020.
Remaining in the black, the group achieved a profit of USD 102.1 million, compared to USD 139.0 million for the same period in 2019. OOCL total liner liftings dropped to 3.29 million teu (by 2.6% from 3.37 million teu), but revenue per teu rose by 6.0%, allowing total revenue to increase by 3.2%, in comparison to the first half of 2019.
Volumes transported declined on the Asia-Europe trade, as well as on the Intra-Asia and Australasian trades, but grew on OOCL's Trans-Atlantic trade. Revenues increased on the carrier's Trans-Pacific, Asia-Europe and Australasian trades, yet were slightly down in the Trans-Atlantic business. Total revenues amounted to USD 3.43 billion, 3.7% more than in H1/2020 (USD 3.30 billion). The price drop in fuel oil and diesel oil cut bunker costs by 11.3%.
During the first half of 2020, OOCL placed orders for two 23,000 teu vessels from Dalian Cosco KHI Ship Engineering and three 23,000 teu vessels from Nantong Cosco KHI Ship Engineering in China. The five vessels are scheduled to be delivered in 2023. (mw)