Orient Overseas International Limited (OOIL) has announced its financial results for the full year 2014. It reported revenue of $6.52bn, an increase of 4.65% year-on-year. The company also recorded EBITDA of $680.74m, a rise of 62.15% over the previous year’s result. Accordingly the company’s margin stood at 10.44%.
The Chairman of OOIL, C C Tung said, “In 2014, our lifting increased by 5.5% while compared to the previous year, OOIL average revenue per TEU fell by 1.9%. Despite the increase in capacity and lifting, our operating costs continued to improve. A reduction in total bunker cost of 10%, attributable to both decrease in bunker price and consumption, was achieved.” These factors resulted in the increase in revenue and the vast improvement in EBITDA.
During the year of 2014, OOIL took delivery of two ‘Mega’ Class 13,208 TEU new vessels from the Geoje shipyard of Samsung Heavy Industries Co., Ltd. in South Korea. The ‘Mega’ Class 13,208 TEU vessels are currently the largest containerships owned by the group. In 2015, OOIL will take delivery of four 8,888 TEU vessels from Hudong-Zhonghua Shipbuilding (Group) Co., Ltd in China. These newbuildings will complete the company’s current orderbook of SX class newbuildings.
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