News / OOCL 2019 carryings and revenue up, but pessimism rules the waves this year

Cosco Shipping subsidiary Orient Overseas (International) Ltd (OOIL) reported a net profit of $195m for 2019, after excluding the one-off $1.15bn profit from the sale of its Long Beach Container Terminal.

This compares with a net profit of $108m earned the year before, and maintains its reputation as one of the “best in class” ocean transport groups.

Group revenue increased by 4.7% year on year to $6.88bn.

However, OOIL said the outlook “has become more pessimistic”, as the coronavirus spreads around the world ...