H1/2019 marks a turnaround for OOIL
The Hong Kong-based Orient Overseas (International) Line (OOIL), an affiliate of Cosco Shipping, witnessed a turnaround in its business activities in H1/2019. "Despite an economic environment filled with uncertainties and with seemingly slowing growth in terms of demand for container shipping services, OOIL’s financial outcome for the period is a meaningful improvement from the same period last year," the company reported.
Compared to the first half of 2018, OOCL liner liftings increased by 3.2%, and revenue levels climbed by 6.5%. Market growth slowed down in some trade lanes, but in many cases this drop in volume growth was outpaced by a rise in the freight rates. In the first half of 2019, turnover went up to USD 3.3 billion.
The company generated a net profit of USD 139 million in this period, a significant upturn compared to the loss of USD 10.3 million it suffered in the same period of 2018. In Q2/2019, Orient Overseas Container Line (OOCL)'s revenue growth rate rose to 7.1%, up from 5.9% in the first quarter of the year. (cd)