News / Record revenue, liftings and profits in an 'impressive 2020' for OOCL

Orient Overseas (International) Ltd (OOIL), parent of ocean carrier OOCL, has announced a profit from operations last year of $903m, compared with $195m in 2019, after Q4 profits reached $801m.

The Cosco Shipping-subsidiary’s revenue rose 19%, to $8.2bn, heavily weighted towards the second half of the year when consumer demand bounced back strongly and freight rates climbed.

OOIL has decided not to separate its logistics business financials from its liner sector, but said despite Covid-related challenges, OOCL Logistics “had a fruitful 2020”.

OOCL ...