Orient Overseas (International) Limited Announces 2020 Full Year Results
Financial and Operational Highlights – Full Year 2020
Container Transport and Logistics business reported EBIT of US$1,005 million, representing an EBIT margin of approximately 12.3%.
Liner liftings grew to 7.5 million TEU.
Ordered twelve 23,000 TEU new vessels for delivery in 2023 and 2024.
Balance Sheet Highlights
Net cash of US$253 million as at 31st December 2020
Liquid assets of US$3.3 billion as at 31st December 2020
Details
Orient Overseas (International) Limited (“OOIL”) today announced a profit from operations of US$903.0 million for 2020, compared to a profit of US$195.2 million in 2019. Profit attributable to equity holders for 2020 was US$902.7 million (2019: US$1,348.8 million, including profit on disposal of Long Beach Container Terminal of US$1,153.6 million).
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A Year of Recovery’ Begins at the Port of Long Beach
An unprecedented pandemic bringing society to a halt. Nosediving cargo container traffic. And then, a resurgence. The story of 2020 was one of doom and gloom giving way to fast and furious. Through it all, the Port of Long Beach, marine terminals, the waterfront workforce and the entire supply chain remained on duty to move goods vital to the American economy while wide swaths of the population sheltered at home.
Because of the collaborative steps taken by supply chain stakeholders to keep the docks operating safely, the Port stands ready to play a major part in an economic renewal in the latter part this year.Integral to that recovery is the timely vaccination of waterfront workers who continue to leave their homes to move the goods their fellow Americans are using as they isolate to protect themselves from COVID-19.
Automated refrigerated container monitoring results in fewer claims
In most ports, terminal automation primarily focuses on container handling while the monitoring of individual containers is done manually. Monitoring is key in keeping the temperature of perishables at the right levels, but it is a very labor-intensive job as the temperature setting and monitoring are often done manually.
“Lack of available labor as well as human errors often result in temperatures not staying at the required levels and fresh produce going to waste,” says Stephan Piworus, Senior Vice President Global Sales Marine & Ports at Identec Solutions. “Since container terminal operators are being held responsible for keeping the temperatures at the right levels while being on the terminal, they often see themselves faced with claims.”