OOIL REPORTS RECORD PROFIT FOR 2000
Orient Overseas (International) Ltd., the parent company of Orient Overseas Container Line, said net profit increased 67 percent to a record $111.9 million in 2000.
Operating profit improved 36 percent to $166.4 million. Group revenues increased 12 percent to $2.4 billion.
OOIL's international transportation, logistics and terminal division 'performed well in all areas despite a significant increase in fuel prices and a softening of the U.S. economy,' said C.C. Tung, chairman and chief executive officer. 'Our property development and investment division also made a positive contribution.'
The group saw growth in container liftings and revenue levels, particularly in strong Asian export growth on both the transpacific and Asia/Europe trades. Transpacific volumes benefited from the weak euro, which brought growth in European exports to North America.
OOIL took delivery of four new vessels in 2000, bringing its fleet to 45 ships. The group has ordered two 7,4000 TEU ships for delivery in 2003 and four similar vessels for delivery in 2004 and 2005.
The group said it views 2001 'enthusiastically' and expects substantial growth in its international logistics business.