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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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OOIL: $243 drop in average bunker price

12 Aug 2015 09:58 GMT

Average H1 bunker price plummets as OOIL posts 32% rise in profit attributable to equity holders.



The average price of bunker fuel paid by Orient Overseas (International) Ltd (OOIL) fell by $243 per tonne, or 40.1 percent, during the first six months of 2015 compared with the corresponding period last year.

OOIL recorded an average marine fuel price of $352 per tonne in the first half of 2015 compared with $595 per tonne last year. According to the shipping firm, it led to a decrease in fuel costs of 38 percent.

Details of the company's bunker purchasing data were revealed this week during the publication of OOIL's financial results for the first half of 2015.

Profit attributable to shareholders rose by $58 million, or 32.0 percent, to $239 million, up from $181 million during the first six months of 2014.

Operating profit increased by $60 million, or 28.4 percent, to $271 million, up from $211 million last year.

Commenting on the first six months of 2015, C.C. Tung, chairman of OOIL, said: "The first half of 2015 was an eventful six months for the global economic environment. Greece's ongoing challenges, and the US / Iranian nuclear negotiations acted as a backdrop to a slow but improving global economy. At this time, the Eurozone had reached a preliminary agreement with Greece, and the US and Iran had concluded their negotiations, subject to respective domestic legislative approval, paving the way for the gradual reintegration of Iran into the global economic system.

"The industry experienced a volatile period during the first half. In the earlier months of 2015, the industry enjoyed a relative stable freight market. Through the combination of the normal seasonal cargo rush prior to Chinese New Year, capacity constraints arising from port congestion and disruptions in the US, and an improving cost structure created by lower oil prices, the industry made meaningful gains in margin performance. In the latter half of the reporting period, with idling ships reactivated and new build capacity delivering, freight rates moved rapidly downwards, forcing margins to narrow. It is likely that the industry as a whole will report mixed results for the half year.

"Oil prices have remained benign since the sharp drop in third quarter 2014. Despite some upward movements of oil price in the second quarter this year, the prospect of oil reverting to the highs of 2013 and 2014 seems increasingly unlikely."

OOIL has more than 270 offices in 60 countries. Orient Overseas Container Line Limited (OOCL) is OOIL's wholly owned subsidiary and is one of the world's largest integrated container transport businesses. The company is headquartered in Hong Kong.




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