Orient Overseas Container Lines News

Orient Overseas Container Lines (OOCL) announced it has entered into charter agreements  with Seaspan, to charter six brand new 13,000 TEU container vessels for a maximum aggregate amount of RMB 11.2 billion. The expected delivery of these vessels is from the fourth quarter of 2026 to the first quarter of 2028 and is to be chartered for 15 years from delivery."OOCL has been continuously assessing the global economic situation, operating environment of the shipping industry, the supply and demand for container vessels as well as seeking the appropriate timing to introduce larger…

Today, the Panama Canal completed a trial transit of Evergreen’s Triton, the largest vessel in dimension and container cargo capacity to pass through the Expanded Canal since it opened in June 2016.The Neopanamax containership Triton, which has a Total TEU Allowance (TTA) of 15,313, a 20-row beam of 51.2 meters and a length of 369 meters, transited northbound from the Pacific to the Atlantic Ocean.Similar to the milestone Q-Flex transit completed on May 12, today’s achievement was made possible by an increase to the maximum allowable beam for vessels transiting the Neopanamax Locks.

The Panama Canal completed a trial transit of Evergreen’s Triton, the largest vessel in dimension and container cargo capacity to pass through the Expanded Canal since it opened in June 2016.The Neopanamax containership Triton, which has a Total TEU Allowance (TTA) of 15,313, a 20-row beam of 51.2 meters and a length of 369 meters, transited northbound from the Pacific to the Atlantic Ocean.“We are excited about the opportunities enabled by the Triton’s trial transit,” said Panama Canal Administrator Jorge L. Quijano.“Our team continues to offer the additional capacity, and deliver on our promise to provide unparalleled safe and efficient service to our customers.

The 13,092 TEU Neopanamax containership COSCO Development, which measures 366 meters in length and 48.2 meters in beam, today became the largest vessel both in dimension and capacity to transit the Expanded Panama Canal since it was inaugurated in June 2016. Sailing from Asia, COSCO Development will soon become the largest ship to arrive on the U.S. East Coast when it calls at several ports there next week. The vessel is deployed on the new OCEAN Alliance’s weekly South Atlantic Express (SAX) service, connecting Asia-U.S. East Coast ports via the Panama Canal.

The U.S. Justice Department has ordered top executives from several container shipping lines to testify in an antitrust investigation into an industry that is the backbone of global trade, the companies said on Wednesday. The world's biggest container shipper, Denmark's A.P. Moller-Maersk, Germany's Hapag Lloyd, Taiwan-based Evergreen, Hong Kong-based Orient Overseas Container Line (OOCL) said their executives were among those who had been subpoenaed. The United States is concerned that the proposed alliances of several major companies…

After successfully acquiring a controlling interest in NOL, CMA CGM has consolidated the Singapore-based company since 14 June, says a press release from the company. Singapore’s Neptune Orient Lines (NOL) is the parent company of container carrier APL. As part of the NOL integration process, CMA CGM reviewed the portfolio of brands deployed on its various lines and concluded that only two brands should be used on each trade. By 30 June, the total stake had risen to nearly 93%. Since that date, a compulsory acquisition process has been initiated, which will result in CMA CGM owning all of the company's outstanding shares. Subsequently, as previously announced, NOL will be delisted.

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).

China’s Ministry of Transport has fined 21 shipping companies operating on Sino-Japan routes have been fined for violating international regulations on fair competition. The accumulated amount of the fines totals in USD 684,000 (RMB 4.25 million), the ministry said. The ministry of transport announced that the companies fined were found to have offered lower-than-normal market prices to their customers, disrupting the average market rates. The move follows an investigation launched by the ministry in 2014 that found that certain shipping companies operating on the route had offered lower market prices to attract clients, thus breaching fair competition rules.

Global Ship Lease, Inc. took delivery of a 2005-built, 8,063 TEU containership, the OOCL Tianjin. Upon delivery, the vessel commenced a timecharter back to the seller, Orient Overseas Container Lines Limited (OOCL), for 36 to 39 months at a rate of $34,500 per day. With this addition, the company's fleet stands at 18 vessels with a total capacity of 74,412 TEU. Ian Webber, Chief Executive Officer of Global Ship Lease, stated, "We are pleased to take delivery of this high-quality vessel, which adds $9.4 million to our annual EBITDA and between $37.7 and $40.9 million to our contracted revenue stream while diversifying our charter portfolio."

CMA CGM S.A. (CMA CGM) announced the rotation of its new service in cooperation with China Shipping Container Lines (CSCL), Orient Overseas Container Lines (OOCL) and Pacific International Lines (PIL), in the North East Asia, Australia and New Zealand Trade, commencing from Shanghai in early November 2014. The weekly service will turn around in 49 days offering extensive port coverage in Asia and New Zealand and including a call in Australia on her way from Asia. The new service will be operated with seven vessels of 4…

CMA CGM S.A. (CMA CGM), has announced the co-operation with China Shipping Container Lines (CSCL), Orient Overseas Container Lines (OOCL) and Pacific International Lines (PIL), in the North East Asia, Australia and New Zealand Trade commencing from Shanghai in early of November. The new service will be operated with 7 vessels of 4,250 TEU nominal capacity, of which three (3) vessels will be provided by CMA CGM, two (2) vessels by OOCL, one (1) vessel each by CSCL and PIL, and 1 ship for CSCL and PIL, while ANL will remain slot charterer. It will be replacing the current “ANZEX” / “NZN” service operated by CMA CGM & OOCL. The weekly service will turn around in 49 days offering an extensive port coverage in Asia and New Zealand and including a stop in Australian port on her way from Asia…

CMA CGM S.A. announced it act in cooperation with China Shipping Container Lines (CSCL), Orient Overseas Container Lines (OOCL) and Pacific International Lines (PIL), to offer a new joint service in the North East Asia, Australia and New Zealand Trade, commencing from Shanghai in early of November. The new service will be operated with seven vessels of 4,250 TEU nominal capacity, of which three vessels will be provided by CMA CGM, two vessels by OOCL and one vessel each by CSCL and PIL. It will replace the current ANZEX/NZN service operated by CMA CGM and OOCL. The weekly service will turn around in 49 days, offering port coverage in Asia and New Zealand, also including a stop in an Australian port on the way from Asia.

Box Ships Inc. Box Ships Inc. a shipping company specializing in the transportation of containers, announced today that it took delivery of its ninth vessel, the OOCL China, a 5,344 TEU Post-Panamax containership built in 1996 at the Samsung shipyard in Korea. The vessel is chartered to Orient Overseas Container Lines Ltd. ("OOCL") for a period of thirty-six (36) months plus or minus thirty days (30) at a net daily rate of US$26,465. Box Ships also announced it entered into definitive documentation for a $25.0 million credit facility with ABN AMRO to partially finance the acquisition of the OOCL Hong Kong and the OOCL China. The borrowers under the credit facility are Triton Shipping Limited and Rosetta Navigation Corp.…

Greece-based Box Ships Inc. Box Ships Inc., a  containership owning company, announce it has taken delivery of its eighth vessel, the OOCL Hong Kong, a 5,344 TEU Post-Panamax containership built in 1995 at the Samsung shipyard in Korea. The vessel is chartered to Orient Overseas Container Lines Ltd. ("OOCL") for a period of thirty-six (36) months plus or minus thirty days (30) at a net daily rate of US$26,465. Box Ships has agreed to acquire one additional 5,344 TEU Post-Panamax containership built in 1996, the OOCL China, which is expected to be delivered on or prior to July 14, 2012 and will also be chartered to OOCL for a period of thirty-six (36) months plus or minus thirty days (30) at a net daily rate of US$26,465.

Ship Owner Mediterranean Shipping Co. S.A. MSC Linzie is the first vessel of a new vessel type developed and designed by Hanjin which adopts the new Panamax length design of 294.05 m. Apparently the design series and Hanjin's well-established reputation in this niche has proved attractive, as the company has, to date, logged orders for 24 ships of the new design. As mentioned above, its length is the maximum for Panama canal, i.e. 294 m. So it has been designed to move flexibly both in Pacific Ocean and in Atlantic Ocean through Panama canal, which is one of the main feature that makes it popular among the operator. This ship offers the maximum intake of 5,060TEU.

Bloomberg reported that Neptune Orient Lines Ltd. and 11 of the largest shipping companies plying the Pacific Ocean said costs of moving cargo to the U.S. in 2006 will rise 7 percent on higher fuel prices, which may spur them to raise freight rates. The cost of transporting containers by trucks and railways will increase as much as 25 percent, the 12-line Transpacific Stabilization Agreement, whose members ship about 70 percent of trans-Pacific trade, said in a statement today. Neptune Orient, Evergreen Marine Corp. and other Asian shipping companies are struggling with rising costs from higher fuel prices and port fees, amid increased demand for freight to the U.S. and Europe. Concern of a surplus of vessels may limit shipping lines in raising freight rates in 2006 for the fifth year.