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Founded by the family of former Hong Kong chief executive Tung Chee-hwa, Orient Overseas International (OOIL) is the parent company of Orient Overseas Container Line (OOCL), one of the world's largest container-shipping companies, operating six of the 10 largest container ships in the world. OOIL, which was taken over by mainland Chinese state-owned Cosco Group in 2018, also operates a container terminal in Kaohsiung, Taiwan.
Hong Kong-based shipping giant Orient Overseas International on Monday report an interim net profit of US$138.9 million for the first half of 2019, swinging from a loss of US$10.3 million this time last year. Overall revenue for the company rose 6 per cent to US$3.3 billion in the first half of this year.
Sale of Hong Kong-based firm that had run the terminal for three decades to Chinese state-owned Cosco in 2017 raised concerns among US security agencies
Orient Overseas (International) Ltd (OOIL) returned to the black in the first half of the year on the back of a pickup in the container shipping industry and stringent cost controls.
Earnings at Hong Kong-listed Orient Overseas (International) Ltd (OOIL) turned around sharply in the first half of the year.
Slowing demand, oversupply of ships and low freight rates drove Orient Overseas (International) Ltd to an attributable loss of US$15.26 million during the first half of the year.