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Press Release

Orient Overseas (International) Ltd
Announces 2013 Full Year Results

• Profit Attributable to Equity Holders US$47.0 million

• Group Revenue US$6,232 million

• Earnings Per Share US7.5 cents

• Final Ordinary Dividend US1.88 cents (HK$0.147) per share

Financial and Operational Highlights – Full Year 2013

• Operating environment in 2013 characterized by muted demand and over capacity.  Supply and demand imbalance continues with supply at 5.7% and demand at 4.2% for 2013.

• Despite challenging market conditions, OOIL’s Container Transport and Logistics business reported EBIT of US$75.1 million, representing a competitive margin within the industry.

• The Group took delivery of eight 13,208 TEU ‘Mega’ class new-build vessels and two 8,888 TEU ‘SX’ class new-build vessels during the year representing – a 9.7% increase in net operating capacity from 2012 to 496,106 TEU.  Full year effect of the larger and more efficient newbuildings is to be expected in 2014.

• Liner liftings increased by 1.5% to 5.3 million TEU with a steady load factor maintained at 73%.

• Continued progress in Terminal Investment in Long Beach, California, industry leading IT development and Logistic business buildout.


Financial and Operational Highlights – 2H13

• Container Transport & Logistics EBIT margin increased from 0.1% in 1H13 to 2.3% in 2H13

• Load factor weakness in 1H 2013 at 72% recovered in 2H 13 to 75%.  Full year load factor brought back to 73%, consistent to 2012. 



Balance Sheet Highlights

• Total net debt to equity ratio was 0.25 : 1 as at 31st December 2013

• Liquid assets exceeded US$2.4 billion as at 31st December 2013




OOIL Financial Results – Full Year and Second Half of 2013


Orient Overseas (International) Limited and its subsidiaries (the “Group”) today announced a profit attributable to equity holders for 2013 of US$47.0 million, compared to a profit of US$295.4 million in 2012.  

Earnings per ordinary share in 2013 was US7.5cents, whereas earnings per ordinary share in 2012 was US47.2 cents.

The Board of Directors recommends the payment of a final ordinary dividend of US1.88 cents (HK$0.147) per share to shareholders for 2013.  This represents a total ordinary dividend payout of 25% of the profit attributable to shareholders for 2013.

The Chairman of OOIL, Mr C C Tung, said, “Seaborne trade growth for the liner industry was subdued in 2013.  Freight levels were disappointing, especially during the first half of the year. During the second half of the year, both physical cargo movement and sentiment improved, resulting in a slightly better freight market.  Although container shipping demand growth in 2013 was lower than earlier forecasts, capacity supply growth was also lower than forecasts which helped contribute to a much needed recovery in rates, albeit mild, during the second half of the year.” 

“Industry newbuilding deliveries in 2013 reached a record high, with a total tonnage of nearly 1.4 million TEU.  After scrapping of older tonnage totalling around 440,000 TEU in 2013, overall global capacity supply grew 5.7% in the market, against a global cargo demand growth of 4.2%,” noted Mr. Tung.

“The deployment of the largest newbuildings to the Asia-Europe trade triggered cascading into the Trans-Pacific trade, which in turn further displaced a considerable number of mid-sized ships to other trade lanes.  This cascading effect brought considerable excess capacity to the Intra-Asia and Australasia trades as well as the Trans-Pacific trade, and added volatility to the market,” Mr. Tung continued.

“Supported by the rebound in the Trans-Pacific and Asia-Europe Trade volumes in the latter part of the year, and together with a deeper market penetration into the Intra-Asia and Australasia Trades, OOCL total liftings in the fourth quarter increased by 10% when compared to the same quarter of the previous year, overcoming the lifting decline during the early parts of 2013.  Overall, 2013 annual volume increased 1.5% year-on-year.  Rate level, however, was highly volatile and impacted by the surplus capacity,” Mr. Tung remarked.

During the year of 2013, the Group took delivery of two ‘SX’ Class 8,888 TEU new vessels from HuDong Zhonghua Shipbuilding in China, and eight ‘Mega’ Class 13,208 TEU new vessels from Samsung Heavy Industries Co., Ltd. in South Korea.  The ‘Mega’ Class 13,208 TEU vessels are currently the largest containerships operated by the Group.  There are two remaining ‘Mega’ Class 13,208 TEU new buildings to be delivered in the year 2014, and four SX Class 8,888 TEU new buildings to be delivered in year 2014 and 2015.  No new building orders were placed in 2013.

“The Group is working with the Port of Long Beach to combine and upgrade two shipping terminals.  The Middle Harbor Redevelopment Project, with its final phase scheduled for completion in 2019, will be the most competitive, efficient and environmentally friendly container facility in North America.  It is expected that the project will provide tangible benefits to OOCL’s competitiveness going forward,” Mr. Tung said.

“After a period of consolidation and re-positioning, the Group continues to strengthen and grow its logistics business, particularly in the areas of international supply chain and import/export services, and domestic transportation and warehousing services.  The footprint of this business has grown to 130 offices in 30 countries.  It is expected that the logistics business will become a meaningful contributor to the Group over the long term,” Mr. Tung added. 

“In 2014, it is anticipated that further tonnage growth will lead to continued over capacity.  It is forecasted, however, that the demand growth in 2014 will outpace that of 2013.  With the US recovery now a consensus, Eurozone recovery on more solid ground, and the current Chinese and Japanese economic growth trajectory, a healthier trade outlook should be expected despite recent uncertainty on emerging markets.  This is especially true on the major East West trades.  Indeed, such development should mean improved outlook for the Transpacific, Asia Europe and Intra Asia trades and more positive results for the industry as a whole,” Mr. Tung continued.

“In 2014, the Group shall see the full year effect of the Mega class newbuildings delivered in 2013, all of which were developed with the most advanced design and equipped with the latest technology.  A positive contribution of unit cost reduction and, given more favourable market conditions, an improvement in margin are therefore expected in the coming year,” Mr. Tung concluded.

Mr. Alan Tung, the Group’s Acting Chief Financial Officer, commented, “As at 31st December 2013, the Group had total liquid assets of US$2,411.1 million compared with debt obligations of US$268.3 million repayable in 2014.  The net debt to equity ratio remained low at 0.25 : 1 at the end of 2013.  We remain focused and deliberate in our efforts to maintain a sustainable balance sheet that allows the Group the ability to retain the widest degree of initiative and flexibility as a competitive edge.  We remain committed to ensuring an appropriate balance between adequate liquidity and efficient capital structure suitable to our industry.”

OOIL owns one of the world’s largest international integrated container transport businesses which trades under the name “OOCL”.  With more than 320 offices in 65 countries, the Group is one of Hong Kong’s most international businesses.  OOIL is listed on The Stock Exchange of Hong Kong Limited.

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Issued by:  Orient Overseas (International) Limited

For further information contact

Stanley Shen      Investor Relations                  (852) 2833 3167
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