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



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.



Image credit:


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.






Related Links:

OOCL provides low sulphur fuel surcharge update
OOCL accredited for environmental data integrity
OOCL joins Hong Kong low sulphur initiative
OOCL launches CO2 calculator
Hong Kong

Latest News:

Risk minimisation in uncertain times | Geos Group
Bunker Energy takes over Maxcom Bunker's commercial activities
World Fuel Services to launch Pacific Northwest supply operation
Oil and fuel oil hedging market update
Brent remains in the $60s this morning
Oil and fuel oil hedging market update
$60s are hard to hold
Silverstream hails air lubrication uptake ahead of 2020
Oil and fuel oil hedging market update
OPEC, non-OPEC oil producers agree to cut 1.2m bbl/d
Aegean secures final approval for initial set of motions
MoU signed to test fuel gas and bunkering systems in Busan




Page Links:

Prices
Africa
Asia
Latin America
Middle East
North America
North Europe
South Europe
Index Summary
Price Highlights
Commentaries
Futures
Prices
Antwerp
Busan
Fujairah
Houston
Istanbul
Kaohsiung
Las Palmas
Maracaibo
New Orleans
Piraeus
Rio de Janeiro
Rotterdam
Santos
Singapore
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
Contact & Terms
Contact Us
Advertise
Terms & Conditions
Privacy Policy
Events
Upcoming Events