Hong Kong-based container ship operator Orient Overseas (International) Ltd said revenues from its shipping business in the fourth quarter rose 28.2 percent from a year ago due to strong intra-Asia trade. OOIL, owned by the family of Hong Kong's Chief Executive Tung Chee-hwa, said revenues from its wholly-owned Orient Overseas Container Line (OOCL) rose to US$998.1 million in the three months ended December 31 from US$778.8 million in the same period the previous year.
Overall average revenue per twenty-foot equivalent container unit (TEU) increased by 9.5 percent in the fourth quarter from the same period a year ago, it said in a statement to the Hong Kong stock exchange on Wednesday.
OOCL's full-year revenues rose 30.5 percent to US$3.59 billion in 2004 from US$2.76 billion in 2003.
Revenues from intra-Asia/Australasia service in 2004 surged 43.5 percent from a year ago.
The shipping firm lifted a total of 3.27 million TEUs of goods last year, up 21.6 percent from 2003.
Shares in OOIL edged up 0.69 percent on Thursday morning to HK$29.20 and have risen 4 percent in the past three months.
OOIL is also involved in container terminals and property investments but OOCL accounted for more than 85 percent of the group's total revenue of US$1.89 billion for the first half of 2004 and most of its first half net profit of US$268.45 million.