Tung News

Angela Chao, chair and CEO of the Foremost Group, has died in a car accident, the New York-headquartered dry bulk shipping company announced on Monday.Angela Chao was an experienced and well-respected shipping executive, having worked her way up through several leadership positions at the company founder by her father, Dr. James S.C. Chao, with her mother, the late Ruth Mulan Chu Chao, in 1964.Before joining Foremost Group in 1996, Angela Chao worked in the mergers and acquisitions department of Smith Barney…

Light Structures AS was contracted by China Merchants Hoi Tung company to deliver and install Hull Stress Monitoring Systems for eight newbuild LNG carriers. The vessels are owned by two separate consortia for operations in the Middle East and are being built by Hudong-Zhonghua Shipbuilding for delivery through 2024 to 2026.Light Structures will provide hull monitoring data to the LNG vessels using the standardized SENSFIB Global system. While essentially a Commercial Off the Shelf (COTS) product, SENSFIB Global installations are always configured according to vessel design.

Taiwan was keeping a close watch on a Chinese aircraft carrier and threats to inspect ships in the Taiwan Strait on Thursday after Beijing condemned a meeting between Taiwan President Tsai Ing-wen and U.S. House Speaker Kevin McCarthy.McCarthy - the third highest ranking official in the U.S. leadership hierarchy - and other Republican and Democratic lawmakers met Tsai on Wednesday at the Ronald Reagan Presidential Library in Simi Valley, California.The meeting took place at a low ebb of U.S.-China relations and despite threats of retaliation from Beijing…

OOCL Hong Kong, the third largest cargo container ship in the world, docked in the port of Hong Kong for the first time on Thursday.The Hong Kong-based container shipping and logistics service company Orient Overseas Container Line (OOCL) said in a press note that the vessel was warmly welcomed at Kwai Tsing Container Terminal V by many friends, colleagues, and the community who went to marvel at one of the world’s largest containerships with a carrying capacity of 21,413 TEU.The vessel’s debut to the city of Hong Kong, an entrepôt well known for its long and vibrant history in international trade and commerce, has a very special meaning for OOCL.

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.

Nine leading ocean carriers and terminal operators today signed a formal statement of intent for a Memorandum of Understanding (MOU) to form a consortium to develop the Global Shipping Business Network (GSBN), an open digital platform based on distributed ledger technology.According to a statement, the participants include COSCO Shipping Lines, CMA CGM, Evergreen Marine, OOCL, Yang Ming, DP World, Hutchison Ports, PSA International and Shanghai International Port, as well as software solutions provider CargoSmart.The new platform will establish a digital baseline that aims to connect all stakeholders, including carriers, terminal operators…

The merger of Orient Overseas (International) Limited (OOIL) and COSCO Shipping Holdings offers can effectively combine the respective strengths of both and optimize our global network, thereby achieving greater economies of scale and synergies,  incoming Chairman of OOIL, Captain Xu Lirong, said commenting on the deal.This transaction is a common choice for both sides to follow the development trend of container shipping industry and realize sustainable development, he added."I would like to extend a warm welcome to OOIL for joining COSCO SHIPPING and express my heartfelt gratitude and great respect to Tung Chee Chen for his leadership and significant contributions to the impressive results achieved by OOIL over the past years.

Orient Overseas International (OOI) has announced a profit attributable to equity holders for 2017 of US$137.7 million, compared to a loss of US$219.2 million in 2016. Earnings per ordinary share in 2017 was US22.0 cents, whereas loss per ordinary share in 2016 was US35.0 cents. The Chairman of OOIL, C C Tung, said, “The economic backdrop for 2017 was more robust than forecasters had expected. Following a decade of low growth, we saw healthier performance in both GDP and trade volumes across most of the world’s major economies. “This synchronicity of growth, a rare phenomenon in recent memory, may bode well for the sustainability of the recovery,” noted Tung. “However, growth on the supply side continues across the trade lanes.

Orient Overseas International (OOIL) said it reported a profit attributable to equity holders of US$138 million for the year ended 31 December 2017, as compared to the loss of US$219 million for the previous financial year. Earnings per ordinary share in 2017 was US22.0 cents, whereas loss per ordinary share in 2016 was US35.0 cents. The Chairman of OOIL, C C Tung, said, “The economic backdrop for 2017 was more robust than forecasters had expected. Following a decade of low growth, we saw healthier performance in both GDP and trade volumes across most of the world’s major economies. “This synchronicity of growth, a rare phenomenon in recent memory, may bode well for the sustainability of the recovery,” noted Tung. “However, growth on the supply side continues across the trade lanes.

Japan has told the United Nations about a North Korean tanker spotted in the East China Sea that it suspects was engaged in a transfer of goods with another tanker in defiance of U.N. sanctions, the Foreign Ministry said on Wednesday. North Korea's development of nuclear weapons and missiles capable of hitting the United States has spurred deepening U.N. Security Council sanctions and stoked fears of a military conflict. According to a statement issued by the Foreign Ministry, the North Korean-flagged tanker "Rye Song Gang 1" - blacklisted by the United Nations last month for carrying banned cargo - was spotted by a Japanese Maritime Self Defence Force patrol plane with the Dominican-flagged tanker "Yuk Tung" tied up beside it in the East China Sea on Saturday.

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…

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.

Orient Overseas (International) Limited (OOIL), a company with principal business activities in container transport (OOCL) and logistics services (OOCL Logistics), is delighted to announce its joining of the United Nations Global Compact (UNGC). "As a signatory, we are honored to be the first Hong Kong-based enterprise in the international transportation and logistics industry to take part in this important initiative," said a statement from OOIL. Through our business strategies, operation, corporate culture, and continual engagement in the Sustainable Development Goals (SDG) set out by United Nations, we are committed to supporting the Ten Principles of the UNGC that sets out fundamental responsibilities in areas such as human rights, labour, environment and anti-corruption.

OOCL celebrated the christening of Hull H2173, a 21,413 TEU newbuilding constructed at the Samsung Heavy Industries shipyard on Geoje Island. Named as OOCL Germany, this mega containership is the second of the six 21 thousand TEU class vessels on order at the shipyard and they are an important part to enhancing the competitiveness and efficiency of our modern fleet. As with many of our newbuildings, extra efforts have been made to ensure that they are operationally efficient and meeting the highest environmental standards. In fact, the OOCL Germany, and her sister vessels, are designed with many advanced green features that can help meet future environmental requirements.

Orient Overseas (International) Limited (OOIL) and its subsidiaries have announced a profit attributable to equity holders of US$53.6 million for the six-month period ended 30th June 2017, compared with loss of US$56.7 million for the same period in 2016. The profit attributable to equity holders for the first six months of 2017 included investment income of US$21.2 million from Hui Xian and a net fair value gain of US$27.7 million on the revaluation of Wall Street Plaza. Earnings per ordinary share for the first half of 2017 were US8.6 cents, whereas loss per ordinary share for the first half of 2016 was US9.1 cents. The Chairman of OOIL, C C Tung, said, “In the first half of 2017, we have begun to see a slow and steady recovery from the tough market conditions that characterised 2016.

Orient Overseas Container Line (OOCL) announced the naming of its latest containership, the OOCL Hong Kong, at a christening ceremony held at the Samsung Heavy Industries (SHI) shipyard on Geoje Island on May 12. The OOCL Hong Kong was also celebrated as one of the largest containerships in the world by carrying capacity, and will be a welcome addition to strengthening the OOCL fleet this year. In his ceremonial remarks, C. C. Tung, Chairman of Orient Overseas (International) Limited addressed the importance of this occasion for the company. “This is a very exciting time for all of us because today marks the first time that OOCL is receiving newbuildings in the 21 thousand TEU size.

BIMCO today presented three awards to recognise and celebrate excellence in the global shipping industry among both companies and individuals in the industry – following BIMCO’s conference in Shanghai. This year the importance of leadership, innovation and pioneering business strategy in shipping were clearly recognised by the judges in the choice of winners. BIMCO President Philippe Louis-Dreyfus chose to give the BIMCO President’s Award to the Tung family from Hong Kong, who run OOCL among other companies. The award celebrates an individual, family or company who has made a significant contribution to shipping and the maritime industry. The award was received by CC Tung, on behalf of the family.

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).

Taiwan’s Foreign Affairs Minister David Lee said  that the government is slated to start maritime negotiations with Japan by late July in an effort to better protect Taiwan fishermen's rights on the high seas. Taipei and Tokyo will kick off two-way talks by the end of July and Lee pledged that the government will do its best to safeguard Taiwanese fishermen's rights, Lee said. Taiwanese President Tsai Ing-wen vowed in her inaugural address on Friday to seek regional cooperation, increase the island’s international profile and clear people wronged in the past. To settle fishery and other disputes with Japan, Taipei and ­Tokyo had decided to establish a mechanism for maritime cooperation at the end of July, cabinet spokesman Tung Chen-yuan said.

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.

MAN Diesel & Turbo marked the sale of its 60,000th turbocharger after 80 years of turbocharger business, during the Marintec 2015 marine trade fair in Shanghai, by making a presentation to turbocharger customer, China Merchants Energy Shipping Co. Ltd. (CMES). The milestone has been reached with the (coming) delivery of 2 × TCA66-21 turbochargers, bound for an MAN Diesel & Turbo MAN B&W 7G80ME-C9 two-stroke engine powering a VLCC. The ceremony took place at the MAN stand at the trade fair where MAN Diesel & Turbo’s CEO, Dr.

Orient Overseas (International) (OOIL), the parent company of Orient Overseas Container Line (OOCL), said its profit had risen 32 percent year on year (y/y) to $238.6 million in the first six months of 2015, due cheaper fuel costs helped it tide over a slump in freight rates. However, revenue declined 6 percent to US$3 billion during the same period as overcapacity and weak demand continued to plague the container shipping industry, a stock filing of OOIL said on 10 August. “The volatility of freight rates indicates how competitive the industry is. The theme of the industry this year is carriers’ efforts in cost-efficiency and yield management amid a weak market,” said acting chief financial officer Alan Tung Lieh-sing.

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…