Container shipping

OOIL's net profit tumbles 84pc on shipping overcapacity

Global container capacity grew 5.7 per cent last year while demand only increased 4.2 per cent, putting pressure on freight rates. Photo: SCMP

Orient Overseas (International) Ltd is banking on a more positive outlook for container shipping to steer it out of choppy waters after its profits plunged 84 per cent to US$47 million last year.

Tuesday, 11 March, 2014, 12:55am 1 comment

Increased freight rates start year on high note for container shipping lines

Shipping lines have raised freight rates as planned recently as an earlier Lunar New Year helps drive orders. Photo: Bloomberg

Container shipping firms are hoping for a better year as freight rates rebound in the lead-up to the Lunar New Year holiday and the nagging problem of overcapacity eases during the year.

8 Jan 2014 - 2:18am

Weak Western growth to hit cargo demand

Orient Overseas (International) Limited's Chief Financial Officer Ken Cambie.

Anaemic growth in the US and little improvement in Europe's economic conditions will make 2013 as "challenging" as last year for Orient Overseas Container Line (OOCL), the financial head of the shipping line's parent company said yesterday.

7 Mar 2013 - 6:12am

Damaged OOCL Brussels in troubled waters

Repairs to OOCL Brussels may cost US$2.25 million. Photo: Bloomberg

A massive containership that was meant to be the pride of Orient Overseas Container Line is languishing in a South Korean shipyard facing expensive repairs.

The OOCL Brussels is one of 10 ships, and the first in OOCL logos, ordered by parent Orient Overseas (International) for US$1.36 billion in 2011.

20 Feb 2013 - 3:24am

Power up, lending down, game on

Illustration: Henry Wong

In the second of a two-part series, the Post examines how infrastructure, energy, shipping and gaming fared in 2012 and what lies ahead in 2013.

1 Jan 2013 - 5:37am

Coscol looks abroad for new members of shipping pool

Charter and lease income is shared among ship owners.

Cosco Shipping (Coscol) is seeking to expand a pool of specialist semi-submersible vessels by adding ships from mainland Chinese or foreign shipping companies, a senior executive said.

20 Dec 2012 - 3:19am

China Merchants Group to invest in Hong Kong logistics sector

Chief Executive C.Y. Leung shares a toast with China Merchants Group chairman Fu Yuning. Photo: May Tse

China Merchants Group, which celebrated its 140th anniversary yesterday, said it would continue to invest in Hong Kong's logistics sector in light of growing domestic consumption on the mainland.

8 May 2015 - 9:46am

Hong Kong set to lose No 3 port rank to Shenzhen

Shipping containers stacked at a port terminal in Hong Kong. Photo: AFP

Shenzhen is set to overtake Hong Kong as the world's third-busiest container port this year for the first time ever on an annual basis.

This comes as total box volumes through Shenzhen's four main facilities have continued to climb despite the downturn in global trade.

By comparison, volumes through Hong Kong have dropped, especially from river trade and barge business.

26 Nov 2012 - 2:28am

Shipping giant Cosco charts seas of red ink

China Cosco's losses have been trimmed but the company is still afflicted by a series of problems, including a slump in demand. Photo: Bloomberg

The torrent of red ink flowing from China Cosco Holdings' balance sheet may have eased in the third quarter with the help of government subsidies. But the problems facing the firm's core dry cargo and container line businesses look far from over, as a slump in demand, too much tonnage in the global merchant fleet, and high-priced charters continue to weigh on the company.

7 May 2015 - 3:04pm

Asian ports need to be as efficient as Europe, shipping executive says

Hong Kong's efficiency lags behind mainland ports. Photo: Bloomberg

Hong Kong and other Asian ports are falling behind European port operators in terms of productivity, a senior shipping executive has warned.

Nicolas Sartini, group senior vice-president of Asia-Europe lines at French container line CMA CGM, said some European ports were 50 per cent more efficient at loading and unloading containers than those in Asia.

15 Nov 2012 - 5:02am

Call for cut in operator numbers at Kwai Chung

The Asian Logistics and Maritime conference took place at the exhibition centre in Wan Chai yesterday. Photo: Dickson Lee

The number of port operators at Kwai Chung container terminal should be reduced if Hong Kong port is to maintain its operating efficiencies after the introduction of ultra-large container ships, a senior Hutchison executive said yesterday.

9 Nov 2012 - 3:59am

Hurting exporters want fairer way to set rates

Container freight rates and surcharges on the Asia-Europe route have gone up by US$4,080 a container and medium-sized shippers are complaining. Photo: Bloomberg

Wrangles between exporters and shipping lines over soaring freight rates "is a war that has not ended", a senior executive representing cargo owners says.

Sunny Ho Lap-kee, executive director of the Hong Kong Shippers' Council, made the comment yesterday after cargo owners experienced triple rises in freight rates on some routes.

7 Nov 2012 - 3:36am

Cosco still in red but two others shine

China Cosco recorded a 1.53 billion yuan third-quarter net loss.

Three of China's largest shipping companies posted mixed third-quarter results yesterday with China Cosco Holdings remaining in the red, while two subsidiaries of rival China Shipping staunched the red ink of earlier quarters to report net profits.

31 Oct 2012 - 4:12am

Container carriers raise rates to seek profit on Asia-Europe route

Carriers raise rates to seek profit on Asia-Europe route

Europe's largest container lines are making an attempt to increase Asia-Europe rates to more than break-even levels and restore profit before the end of the year. Capacity cuts may boost their chance of success.

26 Oct 2012 - 3:36am

OOIL heads for US$6.4b in turnover

Orient Overseas (International) Limited's Director and Chief Financial Officer Ken Cambie speaks to the media at the company's interim results announcement. Photo: Jonathan Wong

Orient Overseas (International) (OOIL) could be heading for a total turnover of around US$6.4 billion this year after the parent of Orient Overseas Container Line (OOCL) reported revenues of US$4.47 billion in the first nine months of the year from its box shipping business.

23 Oct 2012 - 4:19am