News / OOIL's bleak warning to the industry as its container line sails into the red

Orient Overseas (International) Ltd (OOIL) posted a net loss of $57m for the first half of this year – this compares with a profit of $239m at the halfway stage of 2015.

OOIL gave a bleak warning of the outlook for container shipping and suggested that the industry may need to adjust to a “new normal” of overcapacity and low growth – for at least “half a decade”.

Turnover at the group slumped to $2.56bn from $3.04bn in the same period of the previous ...