Orient Overseas International Ltd News

COSCO Shipping Holdings Co Ltd  said on Monday it has agreed to buy port assets from its parent for an aggregate 19.7 billion yuan ($2.7 billion) as it aims to build a global digital supply chain for its customers. The Chinese shipping group said it would buy 14.9% of Shanghai International Port (Group) from its indirect controlling parent China COSCO Shipping Corp Ltd for 18.9 billion yuan, and a 3.2% stake in Guangzhou Port for 778.7 million yuan. COSCO Shipping Holdings also…

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.

Hong Kong-based container shipping and logistics service company Orient Overseas Container Line said that its revenue in 2018 increased by 9.9% to USD 5.96 billion for all services, compared to USD 5.42 billion reported in the previous year."Loadable capacity increased by 7.4%. The overall load factor was 0.8% lower than the same period in 2017. Overall average revenue per teu increased by 3.4% compared to the same period last year," it said in a press release.For the fourth quarter of 2018 (ended 31st December 2018), total volumes were 6.4% up from the same period last year.Total revenues increased by 13.5% to US Dollars 1,566.5 million. Loadable capacity increased by 6.1%. The overall load factor was 0.2% higher than the same period in 2017.

China's COSCO Shipping Holdings Co Ltd on Thursday said first-half profits fell 97.8 percent as it grappled with higher costs and a slide in freight rates.China's largest shipping group, which has bought a Hong Kong peer to become the world's third-largest container liner, said January-June net profit was 40.8 million yuan ($6 million), down from 1.86 billion yuan in the same period last year.After a prolonged slump, the global container shipping industry entered a period of recovery last year. However, COSCO said the delivery of a number of new large ships had worsened the industry's current oversupply of vessels, pressuring rates.In July, a key U.S.

China’s Cosco Shipping Holdings Co received the clearance  of a U.S. national-security review body, removing a major overhang of the USD 6.3 billion deal of taking over Orient Overseas International Ltd (OOCL). According to a Reuters' report, the U.S. Committee on Foreign Investment in the United States had notified it that it does not have any outstanding security issues following an agreement with the U.S. government to divest the Long Beach container terminal business to a third party. Cosco said the U.S. regulator has cleared its planned takeover of the Hong Kong-based container shipping operator, after Cosco agreed to place a large container terminal in Long Beach, Calif., into a U.S.-run trust and put it up for sale.

A U.S. national security review has raised concerns about a takeover by China's COSCO Shipping Holdings Co of a large container terminal in Long Beach, California, the Wall Street Journal reported on Friday.The terminal is part of COSCO's planned $6.3 billion deal to buy shipping firm Orient Overseas International Ltd (OOIL) , the Journal reported, citing people familiar with the matter.COSCO executives met with officials at the Committee on Foreign Investment in the United States (CFIUS) this week and proposed to divest or carve out the Long Beach terminal to ease U.S.

Deal waiting for green light from CFIUS, China regulators; COSCO says keeping close eye on US-China trade tensions. COSCO Shipping's planned acquisition of Orient Overseas Container Line (OOCL) is on track to be completed by the end of June, the company's vice chairman Huang Xiaowen said on Tuesday. COSCO is still answering questions from the Committee on Foreign Investment in the United States on the deal, and is also awaiting a number of domestic approvals, Huang told a press conference in Shanghai. He said the deal needed U.S. approval as OOCL had some assets in that country. "Up to now we are quite confident to push forward this acquisition ... it's progressing normally," he said.

COSCO Shipping Holdings Co Ltd said it expects further growth in container shipping demand thanks to a continued recovery in global trade, after reporting it had swung to a net profit of $429.42 million for 2017. COSCO's optimism, which comes after Hong Kong peer Orient Overseas International Ltd (OOII) reported a profitable year, indicates that a recovery in the global container shipping industry could be here to stay. Shipping saw signs of improvement in 2017 after enduring its longest ever slump wrought by overcapacity and slow economic growth…

In Orient Overseas (International) Ltd (OOCL)’s series of six ‘G Class’ containerships on order at the Samsung Heavy Industry (SHI) shipyard, we are pleased to introduce the newest and fifth 21,413 TEU containership, named the OOCL Scandinavia, into our fleet of world trade ambassadors. The OOCL Scandinavia will be joining her sister vessels on our LL1 service, linking major markets in China and Northern Europe together. In commemoration of this milestone at OOCL, we are very honored that Mr. Yue Yi, Vice Chairman, Executive Director and Chief Executive of the Bank of China (Hong Kong) Ltd, was able to join us as our Guest of Honor and witness the christening of the vessel.

China's COSCO Shipping Holdings Co Ltd reported a first-half profit on Wednesday and forecast that improved demand in the container shipping market would continue for the rest of the year. China's largest shipping group, which last month offered to buy a Hong Kong peer to become the world's third-largest container liner, said January-June net profit was 1.86 billion yuan ($288.32 million). That matched an estimate it announced in July, citing improved market conditions. It also booked revenues of 43.5 billion yuan for the period. COSCO Group booked a 7.2 billion yuan loss in the first half of last year before merging with China Shipping Group to create COSCO Shipping.

COSCO Shipping Holdings Co Ltd saw its stock climb on Monday after bidding $6.3 billion for a Hong Kong peer, a deal that would see it become the world's third-biggest container shipper and underline China's supply-chain ambitions. The offer for Orient Overseas International Ltd (OOIL) comes as China's government pushes to raise the country's profile in global shipping, which dovetails with its Belt and Road initiative aimed at increasing China's influence over distribution from Asia to Europe. Beijing merged two shippers last year to form COSCO Shipping which, after the latest deal, will rise from fourth to rank only behind Denmark's Maersk Line and Switzerland's Mediterranean Shipping Co (MSC).

Orient Overseas (International) Ltd (OOIL) whose principal holding is its container unit OOCL, posted a 10.3% fourth quarter year-on-year revenue increase in 2016 to US$1.3 billion. The total volumes were 20.2% up from the same period last year. Loadable capacity increased by 14.0%. The overall load factor was 4.4% higher than the same period in 2015. Overall average revenue per teu decreased by 8.2% compared to the fourth quarter of last year. For the full year of 2016 (ended 31st December 2016), total volumes increased by 9.1% over the same period last year and total revenues recorded a 9.9% drop. Loadable capacity increased by 5.9%. The overall load factor was 2.5% higher than the same period in 2015.

Rumors that COSCO Shipping Corp plans to bid for Hong Kong's Orient Overseas Container Line (OOCL) are incorrect, a spokeswoman for the Chinese shipping giant said on Friday.   "We deny these rumors," she told Reuters.   On Wednesday, the Caixin newspaper reported that the company would participate in bidding for the unit of Orient Overseas International Ltd, alongside Taiwan's Evergreen Marine Corp and France's CMA CGM.   Reporting by Brenda Goh

The downturn in the container industry has taken a toll on the half-year results from Hong Kong-based Orient Overseas (International) Ltd, the parent of Orient Overseas Container Lines (OOCL). OOCL turned to a $56.7m loss in the first half (for the six-month period ended 30th June 2016) compared with profit of US$238.6 million for the same period in 2015. There has been a 16% plunge in revenue to $2.56bn from $3.04bn previously as a weak market drove down revenue per teu. The loss after tax and non-controlling interests attributable to equity holders for the first six months of 2016 included investment income of $25.2 million from Hui Xian and a net fair value gain of $9.7 million on the revaluation of Wall Street Plaza (after capital expenditure net off).

Orient Overseas (International) Ltd recorded an almost 5% increase in profit for the full year 2015, despite the weakness in the container shipping market, thanks in part to yield and cost management efforts. Though the year started well for the Hong Kong corporate, supply and demand imbalance eventually took its toll, say market analysts. OOIL said its profit attributable to equity holders for the year ended 31 December 2015 rose 4.9% year-on-year to US$284 million. Basic and diluted earnings per share were US45.4 cents. The revenue was US$5,953 million, a decrease of 8.7% from a year earlier. The Chairman of OOIL, C C Tung, said, “At the start of 2015, container shipping companies enjoyed unforeseen conditions that were, almost without exception, positive.

China COSCO has ordered 11 container ships from four Chinese shipbuilders in a $1.51 billion order that will propel the country's largest shipping line into the big league of giant vessel owners. The ships, which will have the capacity to carry up to 19,000 20-foot containers (TEU), will be delivered by the shipyards in 2018, COSCO said in a stock exchange statement late on Wednesday. Such huge box ships are in hot demand as shipping lines try to lower costs, particularly on Asia-Europe trade routes, amid a persistent slump in the global shipping market. COSCO's order follows Hong Kong's Orient Overseas International Ltd's $997.55 million order for six 21…

As Singapore's sovereign wealth fund, Temasek, readied is to sell Neptune Orient Lines (NOL), the market has been rife with merger talk with Hong Kong's Orient Overseas International Ltd (OOIL) and Hamburg's Hapag-Lloyd being leading candidates. NOL was in merger talks with Hapag-Lloyd back in 2008, but investors became gun-shy when the market crashed later that year. Japan's NYK and MOL have also been mentioned as suitors. Some say a bid for NOL would make sense now, following the APL Logistics divestment, because MOL or NYK could buy the Singapore line without overlap with its substantial logistics operations. However, responding to media reports, NOL says there is yet no decision made to enter into any agreement to sell the company.

Orient Overseas (International) Ltd. has placed a new order for six mega 20,000 teu container ships from South Korean shipbuilder Samsung Heavy Industries Co. for US$951.6 million. Orient Overseas, controlled by the family of former Hong Kong chief executive Tung Chee-hwa, said the container vessels will be delivered in 2017. The company plans to fund the purchases with a bank loan for up to 70 % of the costs and the remainder funded by its internal resources, a stock filing of the company said on 1 April. The contract price of each vessel is payable in cash in five equal installments. The deal marks the container shipping operator's first major fleet expansion in nearly four years…

Singapore's Neptune Orient Lines (NOL) may be shaping up as a takeover candidate, a report in Bloomberg said. The appeal of the shipping company that helped cement Singapore's status as a global trade hub has increased after it agreed to sell its logistics unit last month for US$1.2 billion to cut debt. Possibility of a sale may help Temasek Holdings Pte, the Singapore state's Sovereign Wealth Fund (SWF) that controls Neptune Orient, bolster returns. The $1.8 billion container line’s natural partner would be Orient Overseas International Ltd., controlled by the family of Hong Kong’s first post-colonial leader, according to Credit Suisse Group AG. Analysts project the company, which moves goods globally, will benefit from the U.S.

Hong Kong's Orient Overseas Container Line (OOCL) says it has once again attained certification on the integrity and disclosure of its 2012 environmental data by adopting Clean Shipping Index (CSI) verification standards. OOCL was accredited the Verification Certification after an audit conducted by DNV GL by using an internationally recognized and accepted verification guideline to check OOCL vessels on a wide variety of scoring parameters, including emissions of carbon dioxide, sulphur oxides, nitrogen oxides and particulate matter, wastes handling, chemicals usage, and wastewater control.

The 13,208 TEU containership  was christened 'OOCL Chongqing' at a ceremony in the Samsung Heavy Industries shipyard on Geoje Island, South Korea. The OOCL Chongqing will be serving the Asia-Europe trade on the Loop 5 service where her port rotation is: Kwangyang / Busan / Shanghai / Ningbo / Yantian / Shekou / Singapore / Suez Canal / Rotterdam / Hamburg / Southampton / Suez Canal / Singapore and back to Kwangyang in a 77-day round trip. Among distinguished guests was the vessel Sponsor Mr. He Guangbei, Vice Chairman and Chief Executive of BOC Hong Kong (Holdings) Ltd.

Oil refiners’ investment in more-efficient refinery facilities is leaving shipping lines competing with Japanese power producers for a fuel no one wants to make. Refiners are upgrading plants to cut output of fuel oil, a byproduct of making gasoline and diesel, as it sells for less than the price of crude. Shipping lines are seeking more of the product -- known in the industry as bunker -- to fuel expanding fleets, while Japanese electric companies are speeding purchases as they close nuclear plants for safety checks following 2011’s tsunami. “We have a bunker market which is still growing, and we have no fuel,” said Fereidun Fesharaki, chairman of Singapore-based Facts Global Energy Inc.

According to a report on Bloomberg.com, Hong Kong containershipping goliath Orient Overseas (International) Ltd., may add services on routes within Asia as the region's economy, and freight rates, continue to recover. According to the report on bloomberg.com, volumes on Asian and Australasian routes jumped 21% in the 3Q, outpacing growth for the U.S. and Europe and prompting Orient Overseas to consider adding more vessels. A.P. Moeller-Maersk A/S, the world’s largest container line, is also set to increase investments in China and India in anticipation of emerging market traffic growth outpacing demand on U.S. and European routes. Container volumes in emerging markets will grow 7 percent annually until 2015…