OOCL loses $196 million in First Half

Orient Overseas (International) Limited (“OOIL”) Group announced an Operating Loss from Core Operations of US$186.6 Million for the first six months of 2009.

The Operating Loss from Core Operations for the half year, which excludes a US$15 million negative revaluation of Wall Street Plaza, was US$414.2 million down as compared to the first half of 2008. This loss arose from the difficult trading conditions faced by the Container Transport and Logistics business.

The Loss Attributable to Shareholders was US$231.8 million, while the Loss before Tax for the period was US$222.7 million.

The Container Transport and Logistics operations incurred an operating loss of US$196.6 million for the first half of 2009 compared to a profit of US$215.7 million for the equivalent 2008 period.
OOCL’s total liftings decreased by 17.2%, and overall revenue per TEU declined by 24.1%, versus the same 2008 half-year period.