News / Despite $73m H1 loss, new owner Cosco tells OOCL staff their jobs are safe

Orient Overseas International (OOIL) suffered a loss of $73m in its OOCL container business in the first six months of the year, following a profit of $24.5m in the same period of 2017.

H1 turnover was $3.1bn, versus $2.8bn the year before, earned from liftings which had increased by 6% to 3.3m teu. But increased costs hit the bottom line.

OOCL was particularly aggressive on the transpacific and Asia-Europe tradelanes, recording growth of 11.3% and 16.7% respectively. However, average revenue per teu was up just 3.5% and OOIL admitted ...