OOCL (Orient Overseas Container Line) revenue for 2007 increased 22.6 per cent over 2006 to US$5.6 billion, it was announced a press conference yesterday at the shipping line's headquarters in Hong Kong.
Profit attributable to shareholders rose to $2.5 billion compared to $580.6 million earned in 2006, an extraordinary 339 per cent increase attributable to the $1.99 billion sale of OOCL's terminal division to the Ontario Teachers' Pension Plan last summer, said Chief Financial Officer Ken Cambie.
Net profit from continuing operations US$553.7 million, up 29.3 per cent over 2006 and a net profit of $428.3 million before revaluation of its Wall Street Plaza.
A final dividend of US13.5 cents per share is recommended by the directors.
In the course of 2007 three new ships have been delivered, one of 8,063 TEU, another of 5,888 TEU and another of 4,578 TEU. In 2009, six new ships of 4,500 TEU will be delivered and between 2010 and 2011, six newbuildings of 8,600 TEU will join the OOCL fleet.
At the same time, the company disposed of a 1979 ship of 2,544 TEU. Mr Cambie said currently the OOCL fleet is "one of the most modern, efficient and youngest in the industry with an average age of 5.2 years and an average size of 5,780 TEU per ship".
OOCL chairman C C Tung said in a statement that 2007 represented a "watershed year" because of the terminals sale.
"Despite the US housing sector continuing to slow throughout the year, the effect on the global consumption was muted. The slower volume increase to the US West Coast was mitigated by the strong growth of cargo demand from Asia to Europe," Mr. Ting said.
"Efficient operation of vessels by carriers in reaction to the high cost of fuel also absorbed capacity. Combined, these factors contributed to a much better balancing of supply and demand of capacity than was predicated for the year. We expect much of the same trade pattern and growth of 2007 will continue through 2008," Mr. Ting said.
|
