|OOIL posts drop in profits|
|Tuesday, 13 March 2012 16:54|
Orient Overseas (International) Limited (OOIL) and its subsidiaries have announced a profit for 2011 of US$181.6 million, compared with a profit of US$1.867 billion in 2010.
“While we started 2011 believing that the extremes of 2009 and 2010 were behind us and that we had a period of steady growth ahead, trading conditions in the container transportation industry over the past year became increasingly difficult,” said OOIL chairman C C Tung. “While overall global demand levels grew, the slow rate of economic growth in the United States and in Europe saw only muted volume growth for container trade to those markets. Demand growth proved inadequate for the orderly absorption of new-build capacity that delivered during the year.”
OOCL lifting increased 6 percent year-on-year. The peak cargo moving season was brief with only a moderate increase in volume in July and August. Average revenue per TEU was 7 percent lower overall for the year, mainly due to a 29 percent erosion in freight rate levels from Asia to Europe.
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