Orient Overseas International Limited (OOIL) has achieved significant increases both in its 2020 revenues, which reached US$8.191 billion and in container liftings which grew to 7.5 million TEU.

OOIL has benefitted from the sudden increase in demand for space on the company’s various tradelanes which increased dramatically, with efforts being made to put more capacity into service as quickly as possible to meet the rising levels of demand, in June said OOIL.

“Our impressive result for 2020, which includes the highest ever revenue, liftings and profit figures for our core container shipping and logistics business, was achieved in an unprecedented and extremely complicated context,” said the group in its announcement.

The Hong Kong-based logistics group marked huge increases in its earnings and profits, as seen below.

OOIL noted that the co-operation and synergy within COSCO Shipping Holdings continue to benefit them and helped them to face the challenges of the previous year “in the most professional and efficient manner.”

“Despite the impact of the pandemic, we expanded our presence into new routes, servicing many emerging markets, not least Latin America, and building up our global coverage further,” argued OOIL in its statement.

Meanwhile, the group has placed orders in 2020 for 12 vessels of 23,000TEU each, which are scheduled to be delivered during 2023-2024. OOIL expects these new container ships to improve the company’s cost structure and its services in the Asia-Europe trade.

Including Long Beach Container Terminal operation for 2019

In addition, OOIL said that its logistics subsidiary, Orient Overseas Container Line (OOCL) Logistics also had a positive performance in 2020 despite the pandemic.

In particular, OOIL mentioned that it strengthened its business in rail services between China and Europe. Furthermore, the company’s warehousing and distribution activities increased, and they added new depot and warehousing capacity in Thailand and Vietnam.

“We believe that co-operation between our logistics business and our liner activities will help to drive our group-wide strategic growth plan for end-to-end services,” commented OOIL.

Source: Container News