News / OOCL profits soar with increased market share and a bonus from cheaper fuel

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OOCL parent Orient Overseas International Ltd has posted a net profit of $271m for 2014, compared with the $47m plus achieved the year before, as the carrier benefited from a 10% annual fuel bill reduction as a result of both decreased bunker prices and reduced consumption by its fleet.

The line’s liftings increased by 5.5% to 5.6m teu, while revenue improved by 3.5% to $6.5bn with average freight rates declining 1.9% – not too far away from market-leader Maersk Line’s 1.6% ...