The poor profits would have been worse if not for dividends from Hui Xian Holdings amounting to $42.6m and a $5.0m upward revaluation of the property, Wall Street Plaza.
Revenue rose 6.9% to $3.1bn from $2.9bn previously. Operating costs rose to $2.8bn from $2.5bn in the first half of 2011, while total lifting for the first half of the year increased by 6.1%.
"The first half of 2012 has been challenging with very low market freight rates at the start of the year, low demand growth on the east-west trades, and a spike up in bunker fuel prices in early January," OOIL said in its results statement.
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