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Friday, 24/03/2023, 13:00 (GMT +7)
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OOCL: Container volume declined but profits increased strongly in 2022
Orient Overseas (International) Limited, the parent company of shipping line OOCL, has announced full-year business results for 2022, with revenue of 19.82 billion USD and profit before interest and tax (EBIT) of 10,089 billion USD.
OOCL Hong Kong - A container vessel of OOCL (Photo: OOCL)
Orient Overseas (International) Limited (OOIL), parent company of OOCL (Orient Overseas Container Line) has announced its full-year results for 2022, reporting revenue of $19.82 billion.
In addition, the company's profit before interest and tax (EBIT) increased to $10.089 billion, while profit before interest, tax and amortization (EBITDA) reached $10.95 billion.
Financial Report of OOIL in 2022
In 2022, OOCL shipped 7.1 million TEUs, down about 450,000 TEUs from 2021.
Along with that, the profit allocated to shareholders for 2022 is $ 9,965 billion. Earnings per common share for 2022 were $15.09, compared with $11.08 for 2021.
Financial and operational report of OOIL / OOCL 2022
The report mentioned that “Co-operation with fellow members of the COSCO SHIPPING Group continues to drive significant benefits in terms of efficiency, cost savings and the ability to serve our customers with a more sizeable and global reach. We continue to evaluate ways to enhance and deepen our co-operation, with a win-win approach that will bring benefit to customers, employees, business partners and shareholders alike."
According to the report, in 2023 and 2024, supply will increase further through the delivery of new vessels – which could slow any improvement in the container shipping market, even if the economic situation more favorable than expected.
Although there will be a few solutions to reduce the risk of increasing supply, such as through increasing the number of ships being unloaded, and more importantly from new environmental regulations. But these will take time to see an impact and therefore won't bring much of a balance until the first half of 2023 at the earliest. At the same time, in the first half of the year, it is possible that the shipping companies will see assess the expected level of demand and adjust their services accordingly.
As of December 31, 2022, the Group had a cash and bank balance of USD 11.214 billion against debt obligations of USD 712.2 million payable in 2023.
OOIL owns one of the world's leading international integrated container shipping enterprises with the trading name "OOCL". Having about 440 offices in about 90 countries/regions, the Group is one of the international enterprises. OOIL is listed on The Stock Exchange of Hong Kong Limited.
P&L Financial Statement of OOIL / OOCL 2022
Source: Phaata.com (According to OOIL / OOCL)
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