Orient Overseas International (OOIL) has reported a loss of almost $401m in 2009, compared to a profit of $276m a year earlier.
The Hong Kong-based company said it posted a 33% revenue decrease from $6.5bn in 2008 to $4.3bn in 2009.
OOIL’s net operating capacity reduced by 16% in 2009 through the redelivery of chartered ships to owners.
The company’s year-on-year volume in 2009 was 14% lower than that in 2008, OOIL said.
During the second half of the year the company’s revenue increased to $2.285bn from $2.065bn in the first half.