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OOIL works up to $296m full-year profit

Hong Kong: Hong Kong's Orient Overseas (International) Ltd reported a 63% rise in net profit to $296.4m despite a "very difficult operating environment".

Vincent Wee, Hong Kong and South East Asia Correspondent

March 7, 2013

1 Min Read
Kalyakan - stock.adobe.com

Revenue rose from $6.01bn in 2011 to $6.46bn last year as it managed to managed to raise revenue from its container business by 6.7% to $5.89bn amid a 3.7% rise in liftings to 5.22m teu and improved freight rates.

The company was also able to control bunker costs through its move towards scale and efficient running of its ships. Total bunker costs stayed flat even though liftings rose.

Looking ahead OOIL said "the immediate outlook for 2013 remains difficult" and it expects "a protracted period of low economic growth". Liner operators were urged to maintain discipline to find a balance between service and profitability.

About the Author

Vincent Wee

Hong Kong and South East Asia Correspondent

Vincent Wee is Seatrade's Hong Kong correspondent covering Hong Kong and South China while also making use of his Malay language skills to cover the Malaysia and Indonesia markets. He has gained a keen insight and extensive knowledge of the offshore oil and gas markets gleaned while covering major rig builders and offshore supply vessel providers.

Vincent has been a journalist for over 15 years, spending the bulk of his career with Singapore's biggest business daily the Business Times, and covering shipping and logistics since 2007. Prior to that he spent several years working for Brunei's main English language daily as well as various other trade publications.

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