OOIL posts profit of $1.87bn for 2010

Orient Overseas (International) Ltd (OOIL) and its subsidiaries have reversed the losses of 2009 to post a profit of $1.87bn last year, the group announced Monday, Seatrade-asia reports. The Hong Kong-listed firm swung back into the black after a loss of $402.3m in 2009, while revenue also improved to $6bn last year compared to $4.4bn in the previous year. “Unusually strong demand in the first half of 2010, and positive trading conditions throughout the remainder of the year, saw our lifting volumes nearing 2008 levels,” said Tung Chee Chen, chairman of OOIL. “Improvements in freight rates across all trades, combined with cost savings implemented in 2009, have produced a record profit for our liner operation in 2010.” Tung added that continued focus on operational efficiency and pricing discipline will be crucial in the current year. While economic growth in 2011 is likely to remain muted, the supply-demand situation should be in near balance, according to Tung. “This should see a return to a normalised seasonal pattern in volumes and freight rates in 2011 compared to 2009 and 2010,” he said.
(Source:http://en.portnews.ru)