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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Lower bunker costs help raise OOIL profits

Hong Kong-based OOIL's annual profits for 2014 were aided in part by a fall in marine fuel expenses.

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Updated on 09 Mar 2015 15:45 GMT

Orient Overseas (International) Limited (OOIL) today published its full year results for 2014, revealing an increase in net profit from $47.133 million in 2013 to $270.438 in 2014. The company also reported a strong balance sheet, with a total net debt to equity ratio of 0:28 and liquid assets of $2.7 billion on December 31, 2014.

Speaking in a company statement, OOIL chairman C.C. Tung said that "seaborne trade growth for the liner industry was better than expected during 2014" and that "the industry benefitted from an overall trade volume growth and declining bunker prices during the year."

Tung went on to explain that bunker costs had been reduced by 10 percent, aided by both lower bunker prices and lower consumption.

"Despite the increase in capacity and lifting, our operating costs continued to improve. A reduction in total bunker cost of 10 percent, attributable to both decrease in bunker price and consumption, was achieved," he said.

OOIL expanded its fleet in 2014, taking delivery of two 13,208-TEU vessels built at Samsung Heavy Industries' shipyard in Geoje, South Korea, which are now the company's largest container vessels. This helped the company increase its net operating capacity by 6.8 percent year-on-year to 529,662 TEU. The company plans to continue growing its fleet in 2015 with the scheduled delivery of four 8,888- TEU vessels from China's Hudong-Zhonghua Shipbuilding (Group) Co., Ltd.

An important ongoing project for OOIL is the Middle Harbor Redevelopment Project, for which OOIL has a 40-year lease with the Port of Long Beach in California. The project aims to upgrade wharfs, renovate water access and storage areas, and construct an expanded on-dock rail yard. Speaking of the project, Tung said: "The first phase is expected to be operational in 2016, and with its final phase scheduled for completion in 2019, the terminal will be the most competitive, and environmentally friendly container facility in North America. We expect the project to provide tangible benefits to OOCL's competitiveness going forward."

OOIL trades under the name OOCL, and is one of the world's biggest integrated container transport businesses. The company is headquartered in Hong Kong, and has offices in 70 countries worldwide.

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