Jul. 14, 2009 (China Knowledge) - Orient Overseas (International) Ltd (OOIL)<0316>, Hong Kong's main container transporter and logistics service provider, announced that its total revenue plunged 42.6% from a year earlier to US$869.6 million in the second quarter of this year, sources reported.
Total container shipping volume declined 18.7% year on year to 1.02 million 20-foot equivalent units (TEUs) in the second quarter of this year, the company said.
The company's overall shipping rates dropped 9.5%, while its average revenue per TEU decreased 29.4%.
As of Jun. 30, the company's container shipping volume for 2009 had declined 17.2% year on year to 1.99 million TEUs, while its total revenue had plunged 37.2% to US$1.82 billion. The company's overall shipping rates decreased 10.5%, while its average revenue per TEUs declined 24.1%.
The company predicted that container shipping volume and shipping price would remain weak in the second half of the year.