Maritime News
  • Home
  • Breaking
  • Maritime News
  • Ports
No Result
View All Result
Maritime First
  • Home
  • Breaking
  • Maritime News
  • Ports
No Result
View All Result
Maritime First
No Result
View All Result
Home Maritime News

OOIL recorded a net profit attributable to shareholders for 2019 of US$1.3 billion

by Maritime1.com
25.03.2020
in Maritime News
0 0
OOIL recorded a net profit attributable to shareholders for 2019 of US$1.3 billion

DCIM\100MEDIA\DJI_0037.JPG

Share on FacebookShareShare on Twitter

OOIL announced 2019 annual results. The net profit attributable to shareholders was US$1.3 billion, and if excluding the one-off gain from the sale of its interests in the Long Beach Container Terminal, the recurring net profit for the year reached US$195 million, up by 80% as compared with the US$108 million in 2018.

Photo by OOCL

In 2019, global economic growth continued to be relatively low, and escalating trade frictions gave rise to uncertainty throughout the year. In this context, OOCL strengthened coordination with COSCO SHIPPING Lines and achieved significant synergies with the implementation of dual-brand strategy. The total synergies realized in 2019 exceeded the target set at the beginning of the year. These highly tangible synergy benefits, achieved through effective network planning, equipment management, joint procurement and co-operation in IT, became one of the key factors for the company to achieve outstanding performance.

In 2019, OOCL maintained steady growth of business volume and fleet capacity, with total cargo volume growing by 3.8% and total revenue growing by 4.7%. As at the end of 2019, OOCL operated a fleet of 104 vessels or 733,580 TEUs, representing a growth of 4.6% as compared with the total capacity at the end of 2018. OOCL will continue this steady growth, and it is in this context that the company has decided to implement the ship renewal plan that was made five years ago and ordered five new building vessels. These are the first vessels to be ordered by the OOIL group since 2015.  Not only will these modern, efficient vessels improve its cost structure, fill the capacity gap caused by the reduced chartered capacity after expiry in the future and further improve the company’s environmental protection and green operation level, and they also serve as clear evidence of the entire group’s continuing commitment to the very successful dual brand strategy.

OOCL has long enjoyed a reputation for being at the forefront of digital technology advances in the sector. OOIL continues to build on this strength, promoting digital development in the information era.  In July 2019, CargoSmart, a subsidiary of OOIL, announced the execution of the Global Shipping Business Network (“GSBN”) service agreements with some industry leading liners and port operators. GSBN aims to promote the establishment and information sharing of digital standards, and thereby to improve the operational efficiency of the industry, and the quality of its customer service.

2019 is the first complete accounting year after COSCO SHIPPING acquired OOIL. OOIL achieved outstanding performance in 2019, which is a proof of the success of the entry of OOIL into the wider China COSCO SHIPPING Group, combining the strengths of both sides in one momentous step forward. Facing the current challenging market situation, OOIL is well prepared to resist any potential headwinds, and will maintain its good track record to adapting quickly to changes in demand and in the operating environment, and continue to work pro-actively and diligently to be at the forefront of our industry, in technology, in environmental efficiency, in customer service, in social responsibility, and in profitability and financial health. OOIL will continue to create greater value for its shareholders and for all of its stakeholders.

Related Posts

MOL, MOL Drybulk, J-ENG Sign Agreement for Trial of Hydrogen-fueled Engine equipped Onboard

by Maritime1.com
09.11.2021
0

TOKYO—Mitsui O.S.K. Lines, Ltd. (MOL), MOL Drybulk, Ltd., and Japan Engine Corporation (J-ENG) today announced the signing of a...

Mitsubishi Shipbuilding and NYK Line Agree to Jointly Develop a Large LCO2 Carrier

Mitsubishi Shipbuilding and NYK Line Agree to Jointly Develop a Large LCO2 Carrier

by Maritime1.com
09.11.2021
0

Mitsubishi Shipbuilding, a part of Mitsubishi Heavy Industries (MHI) Group, and Nippon Yusen Kabushiki Kaisha (NYK Line) have agreed...

Shipping the Critical Enabler in Global Transition, ABS Chairman, President and CEO Tells COP26

Shipping the Critical Enabler in Global Transition, ABS Chairman, President and CEO Tells COP26

by Maritime1.com
08.11.2021
0

Shipping is the critical enabler in the world’s transition to low carbon operations and needs Government support to ensure...

Rolls-Royce to supply MTU engines for 80-ton bollard pull tugboats in Brazil

Rolls-Royce to supply MTU engines for 80-ton bollard pull tugboats in Brazil

by Maritime1.com
08.11.2021
0

Rolls-Royce has secured a significant contract to supply eight of its mtu 16V 4000 M65L engines for four 80-ton bollard pull...

Scandlines orders zero emission ferry for the Puttgarden-Rødby route

Scandlines orders zero emission ferry for the Puttgarden-Rødby route

by Maritime1.com
08.11.2021
0

Scandlines has entered into a contract with Cemre Shipyard, Turkey, to build an emissionfree freight ferry for the Puttgarden-Rødby...

MOL and COSCO co-sponsor 3rd Shanghai International LNG Shipping forum

MOL and COSCO co-sponsor 3rd Shanghai International LNG Shipping forum

by Maritime1.com
08.11.2021
0

TOKYO—Mitsui O.S.K. Lines, Ltd. today announced that on November 6, it jointly hosted the Shanghai International LNG Shipping Forum...

NYK receives delivery of new VLCC Tateshina

NYK receives delivery of new VLCC Tateshina

by Maritime1.com
08.11.2021
0

The very large crude oil carrier (VLCC) Tateshina, owned by NYK, was delivered today. The vessel was built at...

Suez Canal Authority issued new resolutions concerning the fees of the transiting ships

Suez Canal Authority issued new resolutions concerning the fees of the transiting ships

by Maritime1.com
07.11.2021
0

Suez Canal Authority issued new resolutions concerning the fees of the transiting ships through the canal to be applied...

Navibulgar ordered a new series of four 45 500t bulk carriers

Navibulgar ordered a new series of four 45 500t bulk carriers

by Maritime1.com
07.11.2021
0

Navigation Maritime Bulgare ordered the building of four more 45 500t bulk carriers in the Chinese Shipyard Jiangsu New...

Maritime must be safe for women

Maritime must be safe for women

by Maritime1.com
07.11.2021
0

A brave female cadet recently published the horrific experiences of sexual assault she endured on board a vessel while...

Load More
Next Post
Coronavirus and the welfare of seafarers

The life of a seafarer: the “invisible” workforce that keeps world trade moving.

Maritime First

© 2021 Maritime Firtst - by Maritime.bg.

Navigate

  • About
  • Contact Us
  • Home 1
  • Privacy

Follow Us

No Result
View All Result
  • Buy JNews
  • Homepage
    • Home – Layout 1

© 2021 Maritime Firtst - by Maritime.bg.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist