OOIL Sees Bunker Price Increase 64% YoY in 2017's H1

by Ship & Bunker News Team
Monday August 7, 2017

Orient Overseas (International) Ltd (OOIL) says that, as "both the fuel oil and the diesel oil price rebounded from their lowest levels," bunker costs increased by 64 percent year-on-year during the first half of 2017.

The average bunkers price recorded by OOCL in the first half of 2017 was $306 per tonne compared with $186 per tonne during the same period of 2016.

Overall, OOIL reports that group revenue during the 2017 H1 period amounted to $2,898 million, while group operating profit of totalled $110 million.

"In the first half of 2017, we have begun to see a slow and steady recovery from the tough market conditions that characterised 2016. The results for the period reflect this," said CC Tung Chairman of OOIL.

"It seems that healthier demand growth has reappeared, at least to some extent. While we must wait to see how enduring this will be, this is a very welcome change from recent years. Improving data, and moreover improving sentiment, in many of the large economies gives us some comfort as to the sustainability of this better environment."

As Ship & Bunker reported in July, COSCO Shipping Holdings Co. Ltd. (COSCO Shipping Holdings) and Shanghai International Port (Group) Co., Ltd. (SIPG) have made a pre-conditional voluntary general offer to all shareholders of OOIL, principal of Orient Overseas Container Line (OOCL).