BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry



« News Home
:: Monthly Archive

News Topics
:: Air Pollution
:: Agreements & M&A's
:: Alternative Fuels
:: BunkerBlog
:: Cargoes & Storage
:: Company News
:: Efficiency, Costs & Charges
:: Environment
:: Events
:: Financial
:: Fuel Quality & Testing
:: Lubes & Additives
:: Oil Spills
:: People
:: Port News
:: Projects
:: Regulation, Legal
:: Services, Products,Technology
:: Statistics & Research
:: Vessels

Regional Archive
:: Americas
:: Asia/Oceania
:: Europe
:: M.East/Africa


BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
Home » News





OOIL denies takeover bid

20 Jan 2017 10:14 GMT

Hong Kong-listed firm advises shareholders to 'exercise caution' when dealing with company shares.



Orient Overseas (International) Ltd (OOIL) - the parent company of Orient Overseas Container Line (OOCL) - has moved to deny reports of a takeover bid.

"The Company wishes to clarify that the Company and OOCL is not aware of, nor is it involved in any bid relating to the Company or OOCL," OOIL said in an announcement on Friday.

In a clear message to stakeholders, Hong Kong-listed OOIL stressed: "Shareholders and potential investors of the Company should exercise caution when dealing in the shares of the Company."

Between 17th and 19th January, shares in OOIL on the Hong Kong Stock Exchange (HKSE) rose by HKD 5.80, or 14.8 percent, from HKD 39.25 to HKD 45.05 per share at the close of trading on Thursday. At the time of writing, following OOIL's announcement, the share price has dropped to HKD 40.55.

Recent financial results and bunker costs

Bunker Index reported in August that OOIL had posted a loss after tax of US$57.7 million during the first six months of 2016, compared with a profit attributable to shareholders of $239 million during the corresponding period the previous year.

The average price of bunker recorded by OOCL in the first half of 2016 was $186 per tonne compared with $352 per tonne for the corresponding period in 2015. Fuel costs decreased by 41 percent during the six-month period compared to the previous year.

Commenting on the results at the time, OOIL said that the lower fuel costs during the first half of 2016 had provided "some element of cushion against the unsustainably low freight rates that have been seen in some trades". However, bunker prices in ports around the world increased during the last half of 2016; in Singapore, for example, December's monthly average for 380 cSt was $89 higher than in June, according to Bunker Index price data.

In its last financial update for the first nine months of 2016, OOIL reported that total revenue fell by 15.8 percent to $3,398.7 million, while revenue for the third quarter was down 13.8 percent to $1,148.9 million.




Related Links:

OOIL posts loss as low bunker prices 'provide some element of cushion'
Hong Kong

Latest News:

Brightoil delays publication of annual results
Dan-Bunkering takes on four interns in Dubai
ICS chairman delivers message of support and expectation ahead of World Maritime Day
Brent price touches highest level since mid-2015
Island Oil targets bunkers-only calls in Haifa with new supply vessel
Oil and fuel oil hedging market update
Shipping confidence hits three-year high in latest survey
FueLNG completes first commercial LNG bunker delivery in Singapore
Viking Sun cruise ship featuring bunker-saving engine and scrubber delivered
Digital bunker procurement: Why is now the time to pay attention?
Oil and fuel oil hedging market update
Less online U.S. oil rigs, OPEC non-event and central bank speeches coming up




Page Links:

Prices
Africa
Asia
Latin America
Middle East
North America
North Europe
South Europe
Index Summary
Price Highlights
Commentaries
Futures
Prices
Antwerp
Busan
Cape Town
Fujairah
Houston
Istanbul
Kaohsiung
Las Palmas
Maracaibo
New Orleans
Piraeus
Rio de Janeiro
Rotterdam
Santos
Singapore
Directory
Africa
Asia
Central America
Middle East
North America
North Europe
Oceania
South America
South Europe
Directory
Germany
Gibraltar
Greece
Hong Kong
Italy
Japan
Netherlands
Panama
Russia
Singapore
South Africa
South Korea
Spain
Turkey
United Arab Emirates
United Kingdom
United States
News
Latest News
Blogs
Archive
Americas
Asia
Europe
Middle East
News
Air Pollution
Agreements & M&A's
Alternative Fuels
Cargoes & Storage
Efficiency, Costs & Charges
Environment
Events
Financial
Fuel Quality
Lubes & Additives
Oil Spills
People
Port News
Projects
Regulation/Legal
Services, Products, Technology
Statistics & Research
Vessels
Events
Upcoming Events