OOCL parent loses $187 million in the first half
OOIL, the parent of liner carrier OOCL, posted $187 million in operating losses in the first half of 2009 on revenue that plunged 35 percent compared to the first half of 2008.
That compares to $158 million the company made in profit in the first six months last year. Its net loss was even higher than operating losses, at $232 million.
The Hong Kong-based carrier said liftings declined 17 percent, while revenue per TEU fell 24.2 percent. The carrier said it reduced capacity by 14 percent since December.
OOCL took delivery of one 4,578-TEU vessel in the first half, but has nine more such vessels and four 8,063-TEU vessels due for delivery through 2010. From late 2010, the carrier will take on another six 8,600-TEU ships.
'I expect trading conditions for the remainder of the year to remain difficult,' said OOIL Chairman C.C. Tung. 'While there are signs that the worst of the downturn may be behind us, a rebound in the global economy is expected to be subdued.'
In the past two days, NOL (parent of APL), Hanjin and OOCL have posted a combined $978 million in first half losses. That follows last week, when Japan’s big three carriers (NYK, MOL and “K” Line) posted $623 million worth of losses in their first quarter.