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  • Orient Overseas (International) Limited announces 2021 Interim Results
  • 2021 August 20 10:13

    Orient Overseas (International) Limited announces 2021 Interim Results

    Orient Overseas (International) Limited (“OOIL") today announced a profit attributable to equity holders of US$2,810.9 million for the six-month period ended 30th June 2021, compared to a profit of US$102.1 million for the same period in 2020.

    Earnings per ordinary share for the first half of 2021 was US442.4 cents, whereas earnings per ordinary share for the first half of 2020 was US16.3 cents, according to the company's release.

    The Board of Directors announced an interim dividend of US$1.76 per ordinary share and a special dividend of US$2.65 per ordinary share.

    After the lockdowns that immediately followed the onset of the COVID-19 pandemic in early 2020, we started to see signs of reopening and economic recovery as from the middle of last year, led at first by China and other Asian economies and then joined by other nations. This trend has continued very strongly throughout this reporting period. Demand in key importing economies has been considerably stronger than forecast, especially on Trans-Pacific routes.

    The first half of 2021 produced the best six-monthly result in the Group's history. Compared to the same period in 2020, OOCL's total liner liftings for the first half of 2021 increased by 19%, total revenue increased by 108%, and revenue per TEU increased by 74%.

    The average price of bunker recorded by OOCL in the first half of 2021 was US$449 per ton compared with US$424 per ton for the corresponding period in 2020. The price increase, in combination with increased consumption in fuel oil and diesel oil led to an increase in total bunker costs of 26% for the first half of 2021 when compared to the corresponding period in 2020.

    In the first half of 2021, no new-build container vessel was delivered, and no new order was placed by the Group. The twelve 23,000 TEU container vessels ordered by the Group in 2020 are expected to be delivered starting 2023.

    As at 30th June 2021, the Group had total liquid assets of US$5,173.5 million compared with debt obligations of US$681.6 million repayable within one year. The Group remained at net cash position with a net cash to equity ratio of 0.28 : 1 as at 30th June 2021.

    The Group from time to time prepares and updates cashflow forecasts for project development requirements, as well as working capital needs, from time to time with the objective of maintaining a proper balance between a conservative liquidity level and an effective investment of surplus funds.

    OOIL owns one of the world's largest international integrated container transport businesses which trades under the name “OOCL".

    With more than 420 offices in over 90 countries/regions, the Group is one of Hong Kong's most international businesses. OOIL is listed on The Stock Exchange of Hong Kong Limited.




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