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20 September 2020 The on-line newspaper devoted to the world of transports 23:07 GMT+2

August 21, 2020

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Original news
OOIL's half-year economic results fall

The first six months of 2020 were archived with a useful NET of 102.2 million dollars (-26.5%)

In the first half of this year, Orient Overseas revenues (International) Ltd., a company that is part of the Chinese shipowner COSCO Shipping and operating transport services maritime containerized under the Orient Overseas Container brand Line (OOCL), amounted to USD 3.43 billion, with a 3.9% in the first half of 2019. Revenue only generated directly by OOCL's line services were equal to USD 3.12 billion in the first six months of 2020 (up 3.2%), period in which the shipping company's fleet 3.29 million teu (-2.6%) ( 24 July 2020).

In the first half of 2020, operating costs recorded by OOIL amounted to USD 3.01 billion, or 3.7%. EBITDA is 382.7 million dollars (-8.3%), operating profit of 155.1 million dollars (-21.8%) net profit of 102.2 million dollars (-26.5%).

OOIL pointed out that in the first half of this year, container shipping industry has had to cope a significant drop in demand caused by the effects of Pandemic of Covid-19, demand - announced the Chinese company - that may seem to have shown some improvement in relative to certain trades. However, OOIL pointed out that these signs of recovery may not be considered as symptoms of a turnaround.

OOIL also specified that its financial results recorded the positive impact of the fall in prices fuel, a decline that, however, is not known how much low interest rates and a reduction in interest rates group's debt. In particular, in the first half of the year by 2020 the average price of the bunker was 424 dollars/ton compared to 441 dollars/ton in the first mid-last year and the fall in the price of allowed OOIL to achieve a decrease in 11.3% of the bunker's costs.

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