OOIL Suffers H1 Losses

9 August 2009 (Last Updated August 9th, 2009 18:30)

Hong Kong's Orient Overseas International (OOIL) has reported a $232m loss in the first half compared to the $258m interim performance in 2008. OOIL's revenue fell 35% year-on-year, mainly driven by the 17% reduction in container volumes and a 24% fall in average freight rates

Hong Kong's Orient Overseas International (OOIL) has reported a $232m loss in the first half compared to the $258m interim performance in 2008.

OOIL's revenue fell 35% year-on-year, mainly driven by the 17% reduction in container volumes and a 24% fall in average freight rates

Revenues in the Asia-Europe/Transatlantic routes fell by 50% year-on-year while Transpacific and intra-Asia/Australasia revenues fell 27% and 33% respectively, OOIL said.