March 13, 2012 -- Orient Overseas (International) Limited (OOIL) and its subsidiaries have announced a profit for 2011 of US$181.6 million, compared to a profit of US$1.867 billion in 2010.
“While we started 2011 believing that the extremes of 2009 and 2010 were behind us and that we had a period of steady growth ahead, trading conditions in the container transportation industry over the past year became increasingly difficult,” said OOIL chairman C C Tung in a press release. “While overall global demand levels grew, the slow rate of economic growth in the United States and in Europe saw only muted volume growth for container trade to those markets. Demand growth proved inadequate for the orderly absorption of new-build capacity that delivered during the year.”
The peak cargo moving season showed a moderate increase in volume in July and August. Average revenue per TEU was seven percent lower overall for the year, largley due to a 29 percent erosion in freight rate levels from Asia to Europe.
OOIL owns one of the world’s largest international integrated container transport businesses which trades under the name “OOCL”. With more than 270 offices in 60 countries, the Group is one of Hong Kong’s most international businesses. OOIL is listed on The Stock Exchange of Hong Kong Limited.
