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Press Release

• Group Revenue US$5,953 million
• Group Operating Profit of US$353 million
• Profit Attributable to Equity Holders US$284 million
• Earnings Per Share US45.4 cents
• Total Full Year Ordinary Dividend US11.45 cents (HK$0.893) per share
• Final Ordinary Dividend US1.85 cents (HK$0.145) per share

Financial and Operational Highlights – Full Year 2015
• OOIL’s Container Transport and Logistics business reported EBIT of US$294 million, representing an operating margin of approximately 5%.
• Liner liftings at 5.6 million TEU with load factor dropped to 72% from 76%.
• The Group took delivery of four 8,888 TEU ‘SX’ class newbuilding vessels during the year representing a 6.0% increase in net operating capacity from 2014 to 561,421 TEU.  In addition, the Group ordered six 20,000 TEU class newbuilding vessels for delivery in 2017.
• Continued progress in Logistic business buildout, Terminal Investment in Long Beach, California, and industry leading IT development.



Balance Sheet Highlights

• Total net debt to equity ratio was 0.32 : 1 as at 31st December 2015
• Liquid assets of US$2.5 billion as at 31st December 2015



OOIL Financial Results – Full Year and Second Half of 2015



Orient Overseas (International) Limited and its subsidiaries (the “Group”) today announced a profit attributable to equity holders for 2015 of US$283.9 million, compared to a profit of US$270.5 million in 2014.  

Earnings per ordinary share in 2015 was US45.4 cents, whereas earnings per ordinary share in 2014 was US43.2 cents.

The Board of Directors recommends the payment of a final ordinary dividend of US1.85 cents (HK$0.145) per share to shareholders for 2015.

The Chairman of OOIL, Mr C C Tung, said, “At the start of 2015, container shipping companies enjoyed unforeseen conditions that were, almost without exception, positive.  For those few months, substantially lower fuel costs and gains in momentum in the US recovery drove industry-wide results that were better than anticipated.”

“Unfortunately, the economic context became increasingly complicated as the year progressed.  The fall in oil prices led to a reduction in energy-related capital expenditure, and to some producers bordering on default. Trade growth was limited, and the Fed was signalling (and eventually implemented) a start to the normalisation of interest rates.  The second half of the year saw retail sales stagnating further, thereby reducing imports from Asia,” noted Mr. Tung.
“By the end of the year, the worsening imbalance in supply and demand, driven by large amounts of new tonnage being introduced at a time of lacklustre volume growth in many trades and even shrinkage in others was having a dramatic effect.  Capacity had started to be taken out of the market in response to slower demand growth, and having witnessed a substantial fall in rates, lines were forced to surrender all of (or more than) the benefit of lower fuel prices to their customers,” said Mr. Tung.

“For the full year 2015, OOCL’s liftings were essentially flat, with a drop in revenue, and of revenue per TEU of 10%.  This reflects the challenging environment, particularly as the very tough second half took hold,” Mr. Tung remarked.

During the year of 2015, the Group took delivery of four SX class 8,888 TEU new vessels from Hudong-Zhonghua Shipbuilding (Group) Co., Ltd in China.  They are also the last four vessels for the series.  On 31st March, 2015, orders for six 20,000 TEU class vessels were placed with Samsung Heavy Industries Co., Ltd. in South Korea for delivery in year 2017.  To optimise fleet utilisation, two 11-year old 8,063 TEU SX-class vessels were sold and chartered back for a three-year period during the year.

“Scale will continue to be a key driver of sustainability in the industry.  A key part of how OOCL achieves scale is through having the right fleet, with modern and fuel efficient vessels built to the right size and specifications, driving unit cost efficiency even at today’s lower fuel prices.  We are delighted with the better-than-expected efficiency gains achieved through our 13,208 TEU vessels replacing smaller vessels on certain routes, and look forward to enhancing these benefits of scale further with our larger vessels, as they enter into service in 2017,” continued Mr. Tung.

“OOCL has participated in alliances, in one form or another, for decades.  We continue to believe that alliance structures are an important means of achieving scale and enhancing product quality.  OOCL continuously seeks to identify opportunities for additional efficiencies and savings through these arrangements,” Mr. Tung noted.

“We expect that our Middle Harbor Redevelopment Project in California will enter into the first phase of its operation in 2016.   While the final completion of the project is not scheduled to occur until 2020, we fully anticipate that even from 2016 we will start to reap benefits from this large capital investment.  Our new terminal will be able to ensure the highest levels not only of operational efficiency but of environmental friendliness and sustainability,” Mr. Tung said.

“OOCL Logistics continues to grow its volumes and profitability, and we remain committed to building up our activities in this sphere.  Our logistics business shares the OOCL philosophy of providing excellent service to our customers, and of doing so by providing a chosen range of services in targeted markets and with specific customer bases that will together drive profitability and growth for our shareholders,” Mr. Tung added.


“As for 2016, the first quarter has so far been characterised by great uncertainty.  The IMF forecast for global economic growth has been reduced.  The US economic recovery seems to be solid, but not spectacular, and continues to be influenced by external factors.  Both Japanese and European growth levels are low, with few predicting with any confidence that the corner will be turned in 2016.  Chinese growth has continued to slow, presenting challenges to emerging market and commodity economies.  A number of central banks are entering into uncharted territory by imposing negative interest rates.  Even if at a lower rate than in 2015, new shipping capacity continues to be introduced,” noted Mr. Tung.

“OOCL has a long track record of outperforming the market, in both up and down cycles.  Through our continued efforts in yield and cost management, as well in operational efficiency and customer focus, the Group continues to be an industry leader. Furthermore, we continue to be one of the few carriers with a history of solid financial performance as well as a robust balance sheet,” remarked Mr. Tung.

“We believe that we are well positioned to face the coming challenging year, as well as to benefit from the up cycle when it comes.  We look forward to furthering our position as one of the leading carriers in the industry,” Mr. Tung concluded.

Mr. Alan Tung, the Group’s Chief Financial Officer, commented, “As at 31st December 2015, the Group had total liquid assets of US$2,549.0 million compared with debt obligations of US$438.6 million repayable in 2016.  The net debt to equity ratio remained low at 0.32 : 1 at the end of 2015.  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 are committed to ensuring an appropriate balance between adequate liquidity, efficient capital structure suitable for our industry, and sustainable returns to shareholders throughout the economic and market cycles.”

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 70 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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