OOCL: Confidence in the acquisition of COSCO Controls is completed on schedule and revenue growth in the first quarter reached US$1.37 billion!




Recently, Dong Lixin, president of OOCL Finance, said he is confident that the progress of COSCO’s acquisition of the company can be completed on schedule, June 30th.

According to market rumors, the large container terminal at the California Long Beach in the United States may be subject to change due to the Sino-US trade war, which caused COSCO to take over the Long Beach Pier. Dong Lixin responded that it is communicating with the U.S. regulatory authorities and the company is More than 70 countries have the right to operate. They have been communicating with local regulatory agencies.

Dong Lixin stated that protectionism is not positive for the shipping industry. The situation in last year and the first quarter of this year were not uncommon. Therefore, they need to wait and see again. However, the United States does not only purchase from China. Even if the US-China route is affected, there are still other Asian regions. American routes can be added.

According to news from foreign media, COSCO announced the acquisition of OOCL last year. The transaction is subject to government approval. However, foreign media quoted sources as reporting that after the completion of the transaction between America and COSCO of the state-owned background, that raised concerns over obtaining control of a large cargo terminal in Long Beach, California.

The Wall Street Journal reported CFIUS is reviewing the transaction. When COSCO Group officials met with CFIUS officials a few days ago, they proposed selling or stripping the assets of the Long Beach Port cargo terminal to address the concerns of the United States. The Port of Long Beach is one of the largest ports in the United States. OOCL now holds a long-term franchise to operate the port.

In the first quarter of 2018, Hong Kong OOCL’s revenue increased while the volume of freight traffic surged. The company’s total revenue increased by 16.3% to 1.37 billion dollars, compared with 1.18 billion dollars in the first quarter of last year.

Trans-Pacific and Asian/European trade revenues recorded the largest increases, which were 19.2% and 23.8%, respectively. While Asia/Australian trade revenue increased by 13% in the first quarter of 2018.

As of March 31, 2018, OOCL's Container transport volume in the first quarter was 1.58 million TEUs, a year-on-year increase of 7.5%. Growth was mainly driven by the company’s growth across the Pacific, Asia/Europe, and transatlantic trade. The three major routes increased by 16.3%, 20.5% and 2.2% in the first quarter respectively. During the same period, intra-Asia/Australian container transport volume decreased slightly, by 1.1%.

The company said that compared with the same period in 2017, its carrying capacity increased by 16%, and the overall bearing factor decreased by 6.4%. However, compared with the first quarter of last year,  the average revenue per TEU increased by 8.3%.

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