OOIL forecasts challenges following $10bn profit in 2022

OOIL, which operates container line OOCL, posted $19.82bn revenue in 2022, an increase of 17.8% and recorded a profit attributable to equity holders of $9.965bn.

The company said in a statement that profits and cash flow that were generated by the results of 2022 put it in a very strong position to fund not only its continuing programme of measured and intelligent growth, but also to fund the ongoing investment in information technology and the digitalisation of our industry.

Co-operation with fellow members of the Cosco Shipping Group continues to drive significant benefits in terms of efficiency, cost savings and the ability to serve customers with a more sizeable and global reach. 

The company doesn’t foresee any material change in the first half, the timing of any improvement depends on a long list of macro-economic factors as well as on the evolution of the relative growth of supply and demand. What is certain is only that there will be challenges ahead, said OOIL, if the economic outlook has improved then we may see some improvement during the second half of 2023. 

In March 2023, OOIL took delivery of the first vessel built for the group since 2018. The 24,188teu mega vessel, OOCL Spain, and the 28 vessels that are scheduled to follow her over the next 5 years, representing the next stage in the group’s longstanding plan of measured and intelligent growth. Seven of the vessels still under construction will be dual fuel methanol vessels.

Related:OOIL orders seven 23,000 teu boxships at Cosco shipyards