Industry Marketing News

Orient Overseas Posts First Loss in 11 Years on Trade

Orient Overseas (International) Ltd., Hong Kong’s biggest container line, posted its first annual loss in 11 years after volumes and rates plunged. The $402.3 million net loss in 2009 compared with a net income of $272.3 million a year earlier, the company said in a Hong Kong stock exchange statement today. Sales plunged 33 percent to $4.35 billion.

Container volumes fell 14 percent as European and U.S. consumers cut spending on Asian-made toys and furniture because of the recession. Orient Overseas, the best performer in the MSCI World Index this year, may return to profit in 2010 as a global economic rebound helps revive rates, said a shipping analyst.

From Bloomberg, March 18, 2010