Orient Overseas Container Line (OOCL)

OOCL reports robust first-half financial figures

Orient Overseas (International) Limited (OOIL) has released its financial and operational results for the first half of 2024, showcasing a strong performance despite a dip in profit compared to the previous year.

The company, which owns Hong Kong-based ocean carrier Orient Overseas Container Line (OOCL), reported a group revenue of US$4.646 billion and delivered an EBIT of US$841 million, with an EBITDA of US$1.277 billion. The company’s operating cash flow remained solid at US$959 million....

https://container-news.com/oocl-reports-robust-first-half-financial-figures/

FMC rules shipments cannot be declined for commercial reasons, ignores box lines’ objections

Despite major container lines’ objections, the US Federal Maritime Commission (FMC) has decreed that liner operators cannot use “business decisions” to refuse to move containers already booked.

As per the Ocean Shipping Reform Act (OSRA), the move aims to help US exporters who struggle to secure space for their shipments.

The Biden administration passed the OSRA in 2022, in response to pleas from US shippers who found it difficult to secure slots when the Covid-19 pandemic caused logistical...

https://container-news.com/fmc-rules-shipments-cannot-be-declined-for-commercial-reasons-ignores-box-lines-objections/

OOCL achieves growth in both revenue and volumes

Orient Overseas Container Line (OOCL) has announced increased revenues and volumes in the second quarter of the year compared to the same period in 2023.

In particular, the COSCO-owned ocean carrier reported US$2.26 billion revenues in the second quarter of 2024, translating to a 14.4% increase from the same quarter in the previous year.

Additionally, the total liftings of the box line in 2024 Q2 were increased by 0.9% to 1.88 million TEUs.

The overall average revenue per TEU increased by 13.4%...

https://container-news.com/oocl-achieves-growth-in-both-revenue-and-volumes/

OOCL holds naming ceremony for its latest 24,188 TEU vessel

Orient Overseas Container Line (OOCL) named the company’s eleventh 24,188 TEU eco-friendly vessel, OOCL Denmark, which is the last of six vessels in the same series that Dalian COSCO KHI Ship Engineering Co., Ltd. (DACKS) built for the Hong Kong-based ocean carrier.

OOCL invited Dr. Rulin Fuong Tung, wife of Andy Tung, as the vessel sponsor to name the new vessel, Andy Tung, Non-Executive Director of Orient Overseas (International) Limited and Managing Partner of QBN Capital as the guest of...

https://container-news.com/oocl-holds-naming-ceremony-for-its-latest-24188-teu-vessel/

Wärtsilä and COSCO sign largest order for methanol-fuelled newbuild boxships

Wärtsilä has secured a significant contract to supply methanol-fuelled auxiliary engines to twelve new container vessels.

Five of these vessels are for COSCO Shipping Lines, while the remaining seven are for COSCO’s subsidiary Orient Overseas Container Line (OOCL). Each vessel will be equipped with a combination of three 8-cylinder and two 6-cylinder Wärtsilä 32M engines, marking the largest order for methanol-fueled newbuild vessels in the Chinese maritime sector to date.

The order, which was...

https://container-news.com/wartsila-and-cosco-sign-largest-order-for-methanol-fuelled-newbuild-boxships/

OOCL’s revenues fall despite container volume uptick

In the first quarter of 2024, the total revenues of Orient Overseas Container Line (OOCL) decreased by 9% year-over-year to US$2 billion.

At the same time, the carrier’s total liftings increased by 3.4% to 1.8 million TEUs, with the loadable capacity also showing a growth of 2.2%. Additionally. the overall load factor experienced a 0.9% increase compared to the same period in 2023.

OOCL said the average revenue per TEU decreased by 12% compared to the first quarter of the previous year.


...

https://container-news.com/oocls-revenues-fall-despite-container-volume-uptick/

OOCL experiences financial downturn despite modest box volume growth

Orient Overseas International Limited (OOIL), the owner of Hong Kong-based ocean carrier Orient Overseas Container Line (OOCL), announced its financial and operating results for the last year.

In 2023, the company reported revenues of US$8.34 billion, earnings before interest, taxes, depreciation and amortization (EBITDA) of US$2.26 billion, earnings before interest and taxes (EBIT) of US$1.41 billion and profit of US$1.37 billion. At the end of 2023, OOIL’s operating cash flow was US$617...

https://container-news.com/oocl-experiences-financial-downturn-despite-modest-box-volume-growth/

OOCL, Sumitomo Corporation launch refrigerated ocean transportation service utilizing electric field technology

Tokyo-headquartered electric services company Sumitomo Corporation and Hong Kong-based container carrier Orient Overseas Container Line (OOCL) signed a business alliance agreement, aiming to offer refrigerated ocean transport services utilizing electric field technology, ensuring the preservation of freshness of various commercial products.

According to the announcement, the international transportation of perishable goods, which requires meticulous freshness preservation, often encounters...

https://container-news.com/oocl-sumitomo-corporation-launch-refrigerated-ocean-transportation-service-utilizing-electric-field-technology/

OOCL boosts fleet with new eco-friendly Ultra Large Container Vessel

Orient Overseas Container Line (OOCL) announced the introduction of its latest mega container ship, named OOCL Abu Dhabi.

This addition marks OOCL’s eighth eco-friendly vessel with box capacity of 24,188 TEUs, further enhancing the company’s fleet structure optimization.

At a ceremony held at Dalian COSCO KHI Ship Engineering Co., Ltd. (DACKS) shipyard, Han Lina, vice president of the Supply Chain Management Center at Jiangsu Runergy New Energy Technology, had the honour of naming the vessel and...

https://container-news.com/oocl-boosts-fleet-with-new-eco-friendly-ultra-large-container-vessel/

OOCL revenues plunge in 2023, amid solid container growth

COSCO-owned Orient Overseas Container Line (OOCL) has seen a huge 49% decrease in its fourth quarter revenues, compared to 2022 Q4, reporting US$1.62 billion.

In the same period, OOCL’s total liftings increased by 7.2% and the loadable capacity increased by 9.1%, while the overall load factor was 1.5% lower than in the same period in 2022. As a result, the overall average revenue per TEU decreased by 52.5% compared to the fourth quarter of last year.

Furthermore, OOCL has announced overall...

https://container-news.com/oocl-revenues-plunge-in-2023-amid-solid-container-growth/

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