Financial results presented

OOIL, revenues up in first semester

by Port News Editorial Staff

Orient Overaseas International closed the first semester with revenues up 3.9% from 2019 to $3.43 billion, EBITDA of $382.7 million (-8.3%) and a net income of $102.2 million (-26.5%).

The COSCO Group company, which operates containerized maritime transport services under the Orient Overseas Container Line (OOCL) brand, points out that since May there has been an increase in demand for some of its trades. But these signs of recovery should not be considered as a trend reversal.

OOIL explained that the drop in fuel prices has certainly had a positive impact on its half-yearly results, as well as the low interest rates and the reduction in the group’s debt.

In particular, in the first half of 2020 the average bunker price was 424 dollars/tonne compared to 441 dollars/tonne in the first half of last year and the reduction in fuel prices has allowed OOIL to cut overall bunker costs by -11.3%.

Translation by Giles Foster

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