Orient Overseas (International) Limited (“OOIL") reported financial results for the first half of 2025 that ended June 30. Revenue of the Group increased by 4,9% to US$4,876 million. Group EBIT in the reporting period rose 17,2% to US$985 million. Group EBITDA in the first half of the year was US$1,466 million (+14,8%). Operating cash flow reached US$1,125 million. Profit attributable to equity holders rose to US$954,000,000 million (+14,5%).
Dividend for the first half of 2025 is approximately 50% of the profit attributable to equity holders at approximately US$475 million, with interim dividend of US$0.72 per ordinary share.
Container Transport and Logistics business reported EBIT of US$977 million in the first half of 2025, representing an EBIT margin of approximately 20.1%. Liner liftings grew to 3.9 million TEU. Ordered fourteen 18,500 TEU class methanol dual-fuel container vessels which are expected to be delivered between 2028 and 2029.
Geopolitical uncertainties still significantly influence the shipping market. If the situation in the Red Sea was a defining factor which contributed to the strong performance of the container shipping market in 2024, then the ongoing changes in tariff policies and trade disputes have undoubtedly played a decisive role in shaping market trends in the first half of 2025.
Both the International Monetary Fund (“IMF") and the Organisation for Economic Co-operation and Development have lowered their forecasts for global economic growth in 2025 in the first half of this year, to 2.8% and 2.9% respectively. Then, at the end of July IMF raised its global growth forecast for 2025 to 3%, but the figure is still below the level it predicted at the beginning of the year and the one in 2023 and 2024. Frequent shifts in tariff policies have disrupted long-term planning, raised concerns among customers, and eroded both business and consumer confidence. This is especially evident on Trans-Pacific services, where freight rates have generally declined compared to the beginning of the year. While the 90-day tariff suspension between China and the U.S. led to a rapid recovery in freight rates from early-May lows, the rebound proved temporarily, with rates subsequently falling once more. Rapid capacity influx and the arrival of new competitors have significantly expanded overall capacity, while ongoing policy uncertainties have fuelled market concerns. As a result, many customers seem to have started to shift away from their precautious strategy of front-loading earlier this year to a more cautious, wait-and-see approach at present.
Despite the overall challenges facing the market, liftings in other trades have held up relatively well during this round of tariff changes. This resilience may be attributed to supply chain restructuring, varying economic conditions across regions, seasonalities, or port congestion. Additionally, the full impact of factors affecting Trans-Pacific routes may not yet have materialised. Regardless of the cause, the varied performance across different markets enables carriers to seize opportunities.
OOCL's total liftings for the first half of 2025 increased by 7% and total liner revenues increased by 4% year on year. Despite being only a single digit improvement, the year-on-year performance is the best post-pandemic period in terms of both liftings and liner revenue.
In the first half of 2025, average bunker price of OOCL was approximately US$541 per ton, an 8% decrease compared to US$589 per ton in the same period of 2024. This decline contributed to a reduction in total bunker cost. However, fuel oil and diesel oil consumption rose by 2% in the first half of 2025 compared to the corresponding period in 2024 which was largely due to expansion of fleet operating capacity.
OOCL continues to grow its fleet in an orderly and rational manner, while optimising fleet composition. In the first half of 2025, we took delivery of five 16,828 TEU container vessels, marking an upgrade of our fleet on Trans-Pacific routes. We also placed an order for fourteen 18,500 TEU class methanol dual-fuel container vessels, once again demonstrating our Group's commitment to building a green fleet and supporting global energy conservation and emissions reduction.
"At the time of writing this report, our vessels sailing on major long-haul routes are nearly fully loaded, and this is expected to continue in the coming weeks," OOCL said.