In the first semester the operating result of OOIL is diminished of 25.9%



The group Orient Overseas (International) Ltd. (OOIL) of Hong Kong has concluded the first semester of 2012 with a profit clearly of USA 117,5 million dollars, down of 33.0% regarding 175,3 million dollars in the first half last year. The revenues have grown of 6.9% to 3.121, 7 million dollars, of which 2,877, 5 million dollars generated from the activity of the fleet of portacontainer of the branch Orient Overseas Container Linens (OOCL) that in the first six months of 2012 it has transported 2,6 million container teu ( on 13 July 2012). The operating profit of the group is piled to 139,6 million dollars, with a decrease of 25.9% regarding 188,4 million dollars in the first semester of 2011.

"The first half of 2012 - it has commented the chairman of OOIL, C C Tung - has been challenging with hires many low at the beginning of the year, a modest increase of the question for the traffics East-West and a peak of the prices of the January fuel at the beginning. Fortunately, in order to compensate the insufficient increase of the question for the traffics East-West, it has been clearly an improvement of the hires, in particular of the Asia-Europe services. In spite of this rise of the hires, the situation of the exchanges has been and probably it will remain difficult and prevail a volatility of the prevailing economic conditions and will continue the ability surplus on the main routes of traffic. While it must be tackled to a modest increase of the question, that it reflects a stagnation of the economic activity in the main markets of consumption - has added Tung - in the first half of the year the field must absorb beyond 110 new container vessels. The pressure deriving from the delivery of this ability to new construction will so continue and also the ability to the section to absorb it; the key for the stability will consist in distributing with criterion the ability is in last part of this year that in the next few years to come".

OOIL has remembered not to have taken in delivery some ship of new construction in the course of the first semester of 2012 and not to have issued orders for new ships. In the course of the period the group has only exercised last January an option of purchase in the within of the contract of chartering in the long term of the OOCL Shanghai, portacontainer that it has an ability to 5.770 teu, while portacontainer the OOCL Hong Kong, of the age 16-year-old and the ability to 5.344 teu, is yielded in the end of june and take rental Time base charter from the new owner for a period three-year-old; moreover at the beginning last month it is yielded and take rental for three years also the OOCL China, portacontainer from 5.344 teu also it 16-year-old. However beginning from next year OOCL will take in delivery other new portacontainer from 8.888 teu, than they will come abreast to the ships of same ability OOCL Beijing and OOCL Canada taken in delivery in 2011, and before the ten ordered large new portacontainer from 13.208 teu from the group.

OOIL considers that the activity and the results in the third trimester of 2012, that it is the period traditionally of peak for the containerized marine transport, will not match up of the forecasts formulated previously: the perspectives of positive a third trimester - Tung has explained - "light are mitigated because of the not satisfactory data on the economy that reach from the main markets of consumption". Moreover - it has specified - "in the second half of the year they must be taken in delivery ulterior an important number of great ships and will be necessary a fast adaptation of the ability in order to satisfy the levels of the question if one agrees to preserve the level of the hires in the fourth trimester, that more weak person is the period. Although the quantitative limited one of orders of new ships in the course of last the 12-18 months - Tung has remembered - the field in next the 18 months will have to absorb about 2,4 million teu of ability to new construction, figure that is pairs to about 15% of the current total ability. In consideration of the important ability to new construction that must still be delivered, of persistent the modest increase of it commands, of the volatility of the prices of the fuel and of the embrittlement of the hires, a continuous discipline in the employment of the ability and the control of the costs will be necessary so that the field can recover stability in sight of a return to the profits. However, date the necessity to tackle to greater operating costs, in particular to those generated from the fuel, this year has been assisted to a progression of the hires and it hopes that now they will remain on these more reasonable levels".