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Orient Overseas Container Line Limited News

30 Apr 2019

OOIL Sells Long Beach Terminal for $1.8bln

Hong Kong-based Orient Overseas International Ltd. (OOIL) said that it will sell Long Beach Container Terminal (LBCT) to a consortium led by Australia’s Macquarie Group for $1.78 billion.OOIL, which is majority-owned by Cosco Shipping Holdings, was the terminal operator under a lease agreement with the port. It has entered into a Sale and Purchase Agreement to sell 100% of LBCT  to the consortium led by Macquarie Infrastructure Partners (MIP). LBCT LLC operates the container terminal in the Port of Long Beach, California, United States.The sale is undertaken pursuant to the National Security Agreement entered into by OOIL, Faulkner Global Holdings Limited, a subsidiary of COSCO SHIPPING Holdings Co., Ltd, and the U.S. Department of Homeland Security and the U.S.

24 Apr 2018

OOCL Partners with Microsoft for AI Project

(File photo: OOCL)

Hong Kong-based shipping company Orient Overseas Container Line Limited (OOCL) has partnered with Microsoft’s research arm to improve network operations and achieve efficiencies within the shipping industry through applied Artificial Intelligence (AI) research.The partnership, between OOCL and Microsoft Research Asia (MSRA), will apply deep learning research to shipping network operations with a projected $10 million annual operational cost saving. The collaboration is also expected to nurture over 200 AI developers over the next 12 months.“With MSRA’s efforts and expertise…

29 Dec 2017

OOCL Rolls-out Next Phase of OCEAN Alliance

Following the success of the Day One products introduced earlier this year, Orient Overseas Container Line Limited (OOCL) announced the forthcoming launch of the second phase of the OCEAN Alliance products in April 2018, an improved suite of products providing industry-leading services to customers. The emphasis on quality services has long been the hallmark of the OOCL brand. Since the inauguration of our services in April 2017, OOCL has made steady progress to meet the requirements of our customers as they find that we are among the top performers in terms of schedule reliability. In collaboration with our like-minded partners, we…

16 Nov 2017

OOCL Introduces China Pakistan Express 3

Following its announcement of the China Pakistan Express 2 (CPX2) last week, Orient Overseas Container Line Limited (OOCL) is all set to introduce the China Pakistan Express 3 (CPX3), another new Intra-Asia service to expand  its product portfolio by providing a more comprehensive service network connecting the markets of India and Pakistan. The CPX3 provides additional sailing frequency from Central China to Mundra and strategically expands its service coverage in Pakistan. "Together with the CPX2, offering direct services from Xiamen to Karachi as well as Karachi to Shanghai, and the existing China Pakistan Express (CPX) product, we are able to offer a very comprehensive network with 3 sailings per week from Asia to Pakistan that is more flexible…

21 Oct 2016

OCEAN Alliance Gains US Approval

File photo: Port of Long Beach

The proposed OCEAN Alliance between several of the world’s largest container shippers has received approval from the U.S. Federal Maritime Commission (FMC), allowing it to become effective Monday, October 24, 2016. The OCEAN Alliance, comprising COSCO Shipping, CMA CGM, Evergreen Marine and Orient Overseas Container Line Limited (OOCL), was subject to an exhaustive FMC review process by that thoroughly examined all aspects of the proposed agreement to assure that competition in the ocean transportation industry would not suffer.

03 Apr 2014

FMC Commissioner Approves Amended G6 Alliance Agreement

Commissioner William P. Doyle: Photo credit FMC

Commissioner William P. Doyle of the U.S. Federal Maritime Commission has voted in favor of the amended G6 Alliance Agreement. Commissioner Doyle highlighted the U.S.-Flag international trade, U.S. mariner jobs and environmental benefits. He also pointed out concerns on some language in the amendment on how the G6 Parties may handle discussions and agreements with tug operators. "I am in favor of not taking any further action to delay the implementation of the amended G6 Alliance Agreement that was filed with the Federal Maritime Commission (FMC or Commission) on December 2, 2013.