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Orient Overseas (International) Limited

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This article is about Orient Overseas (International) Limited, the parent company of Orient Overseas Container Line. For the subsidiary, see Orient Overseas Container Line.
Orient Overseas (International) Limited
  • Orient Overseas
  • OOIL
Company typePublic
SEHK: 316
IndustryShipping and logistics
PredecessorOrient Overseas (Holdings) Limited
Founded
  • 1947
  • 1986 (as OOIL)
FounderTung Chao-yung
Headquarters
Hong Kong
,
China
Key people
  • Gary Jacob Yu (CEO)
  • Lianne Chiu (COO
  • Kaye Alexandrine Ang, CMA (CFO)
OwnerCOSCO Shipping
Number of employees
10,436 (2020) [1]
ParentCOSCO Shipping
Subsidiaries
Chinese name
Traditional Chinese東方海外（國際）有限公司
Transcriptions
Orient Overseas
Traditional Chinese東方海外
Transcriptions
Orient Overseas (Holdings) Limited
Traditional Chinese東方海外實業有限公司
Transcriptions
Websitewww.ooilgroup.com

Orient Overseas (International) Limited (OOIL) is a Hong Kong, China based investment holding company involved in international transportation and logistics, and property investment and property development.[2] It is the parent company of Orient Overseas Container Line (OOCL), one of the world's largest container shipping companies.[3]

History

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Orient Overseas

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Founder of Orient Overseas, Tung Chao-yung, operated the first all-Chinese crewed ship between Hong Kong and Europe and the east coast of the United States[4] in 1947.[5] However, Tung Chao-yung already established his Hong Kong operation in 1937.[6] He was the vice-president of Shipowners Association in Tianjin at that time.[6]

Tung Chao-yung then[when?] named the company Orient Overseas Line.[4] In 1969, the business was renamed as Orient Overseas Container Line.[4][non-primary source needed]

The holding company of the group, Orient Overseas Container (Holdings) Limited, was incorporated on 27 February 1973.[7] It was a listed company in Hong Kong, Far East [zh] and Kam Ngan stock exchanges since May 1973.[8] These exchanges were merged in 1986. Jardine Matheson was a minority shareholder of the listed company.[6]

In 1973, Orient Overseas Line purchased passenger liner SS President Cleveland and renamed Oriental President.[9]

In 1974, Orient Overseas Container (Holdings) acquired a bulk freighter company from the Tung family's C.Y. Tung Group, for HK$43 million.[10] In 1976, the listed company acquired additional assets from the Tung family, including two container ships and 33% shares of another container shipping company, Dart Container Service.[11][12]

In 1980, Orient Overseas Container (Holdings) acquired a British shipping company, Furness, Withy & Co.[13]

Shortly before the death of Tung Chao-yung in 1982,[13] Tung Chee-hwa, his eldest son, succeeded to be the chairman of Orient Overseas.[12]

In 1983, Orient Overseas Container (Holdings) Limited, was renamed to Orient Overseas (Holdings) Limited.[7]

In February 1986, Orient Overseas (Holdings) Limited submitted a plan to the creditors for re-structuring the group of companies, including the formation of a new business unit centered on Orient Overseas Container Line Limited.[14] In October, Crédit Commercial de France cancelled the application to the court on liquidate Orient Overseas.[15] Orient Overseas was suspended in the Stock Exchange of Hong Kong (SEHK) due to its financial problem, which the suspension was lifted in February 1987.[16] In the same year, Orient Overseas announced to consider to close down the oil drilling business unit.[17] In November, the group announced to sell some subsidiaries of group, such as Kuwait Hong Kong General Insurance and others companies.[18] The insurance and oil drilling businesses were acquired by China Merchants Group.[19]

In May 1988, Orient Overseas acquired additional stakes in the Terminal No. 2, 4 and 6 of Kwai Tsing Container Terminals from Hongkong International Terminals Limited.[20]

Orient Overseas (International) Limited

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Orient Overseas (International) Limited (OOIL), was incorporated in Bermuda on 29 July 1986.[21] Some time later, it became the new holding company of the group. OOIL became a listed company on 31 July 1992.[22] OOIL's predecessor, Orient Overseas (Holdings) Limited (OOHL), ceased to become a listed company in the same year. Each OOHL's share is offered 1.08431411 shares of OOIL in exchange.[23] Orient Overseas (Holdings) was deregistered and dissolved in 2005.[24]

The listed company also sold the stake in Furness Withy and the Kwai Tsing Container Terminals during its restructuring.[25] The company paid dividend again in 1994, the first time since the restructuring.[25]

In 1996, Tung Chee-chen, Tung Chao-yung's younger son and Tung Chee-wah's younger brother, took over the chairman position of OOIL, since Tung Chee-wah's election as Chief Executive of Hong Kong.[4]

In 2006, Orient Overseas sold four container terminals to the Ontario Teachers' Pension Plan.[26]

In July 2017, OOIL received a US$6.3 billion take over bid from its Chinese rival, COSCO Shipping. The bid has been accepted by the Tung family, subject to shareholder and regulatory approval.[27][28] The takeover was completed in 2018.[4]

In April 2019, OOIL sold a container terminal in Long Beach to Macquarie Group for US$1.78 billion.[29]

In May 2019, Amnesty International was denied to lease Wall Street Plaza, an office building located in New York. The building is owned by Orient Overseas' subsidiary, Orient Overseas Associates.[30]

References

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  1. ^ "OOIL (0316.HK) Company Profile & Facts - Yahoo Finance".
  2. ^ Orient Overseas (International) Limited Archived 2008-06-28 at the Wayback Machine
  3. ^ "C. C. Tung Officially Opened OOCL House, Levington, UK" (Press release). OOCL. 24 February 2003. Archived from the original on 2009-04-27.
  4. ^ a b c d e "OOCL History". OOCL. Retrieved 17 December 2020.
  5. ^ "#616 Tung Chee Chen". Forbes.com. Retrieved 17 December 2020.
  6. ^ a b c "Spotlight". The New York Times. 20 February 1977. Retrieved 17 December 2020.
  7. ^ a b Hong Kong Companies Registry
  8. ^ 東方海外貨櫃新股決依原定計劃公售. Wah Kiu Yat Po (in Chinese (Hong Kong)). Hong Kong. 11 April 1973. p. 18 – via Hong Kong Public Libraries MMIS. {{cite news}}: External link in |via= (help)
  9. ^ "Liner Sails to New Home". New York Times. 27 February 1973. Retrieved 17 December 2020.
  10. ^ 東方海外貨櫃公司增加船舶擴新業務. Wah Kiu Yat Po (in Chinese (Hong Kong)). Hong Kong. 9 March 1974. p. 20 – via Hong Kong Public Libraries MMIS.
  11. ^ 東方海外貨櫃航業公司 收購董氏集團兩貨櫃船 大德船公司股權三分二 [Orient Overseas Container acquires two container ships and 2/3 shares [sic] of Dart Container from C.Y. Tung Group]. The Kung Sheung Daily News (in Chinese (Hong Kong)). Hong Kong. 13 June 1976. p. 7 – via Hong Kong Public Libraries MMIS.
  12. ^ a b "FLEET GROWS DESPITE A SLUMP". The New York Times. 28 January 1981. Retrieved 17 December 2020. Orient Overseas also holds a 33 percent stake in Britain's Dart Container Service Ltd., which operates across the Atlantic.......Mr. Tung recently stepped down as chairman of Orient Overseas, and has told associates that much of the supervision of day-to-day operations of his empire has been passed on to his sons, Chee Hwa Tung in Hong Kong and Chee Chen Tung, an American citizen based in New York.
  13. ^ a b "C. Y. TUNG, OWNED A SHIPPING EMPIRE". The New York Times. 17 April 1982. Retrieved 17 December 2020.
  14. ^ 東方海外重組計劃現已提呈予債權人. Wah Kiu Yat Po (in Chinese (Hong Kong)). Hong Kong. 13 February 1986. p. 15 – via Hong Kong Public Libraries MMIS.
  15. ^ 法國商業與東方海外達成協議同意撤銷對東方海外清盤申請. Wah Kiu Yat Po (in Chinese (Hong Kong)). Hong Kong. 14 October 1986. p. 17 – via Hong Kong Public Libraries MMIS.
  16. ^ 東方海外及萬邦航運股份復牌後價錢勁升. Ta Kung Pao (in Chinese (Hong Kong)). Hong Kong. 18 February 1987. p. 13 – via Hong Kong Public Libraries MMIS.
  17. ^ 東方海外鑽油業務虧蝕繼續經營抑或結束仍在考慮中. Ta Kung Pao (in Chinese (Hong Kong)). Hong Kong. 25 August 1987. p. 11 – via Hong Kong Public Libraries MMIS.
  18. ^ 東方海外續改組擬出售若干附屬公司. Ta Kung Pao (in Chinese (Hong Kong)). Hong Kong. 26 November 1987. p. 19 – via Hong Kong Public Libraries MMIS.
  19. ^ 保險及離岸鑽探 東方海外出售業務 招商局以四億二千九百餘萬購入. Ta Kung Pao (in Chinese (Hong Kong)). Hong Kong. 22 June 1988. p. 11 – via Hong Kong Public Libraries MMIS.
  20. ^ 香港國際貨櫃碼頭股權東方海外實業宣佈增購. Ta Kung Pao (in Chinese (Hong Kong)). Hong Kong. 1 May 1988. p. 15 – via Hong Kong Public Libraries MMIS.
  21. ^ "Review of Companies Register". Bermuda Registrar of Companies. Retrieved 17 December 2020.
  22. ^ "ORIENT OVERSEAS (INTERNATIONAL) LTD. (316)". Hong Kong Exchanges and Clearing Limited. Retrieved 17 February 2020.
  23. ^ "NOTICE TO FORMER SHAREHOLDERS OF ORIENT OVERSEAS (HOLDINGS) LIMITED" (PDF) (Press release). Orient Overseas (International). 15 June 2004. Retrieved 18 December 2020.
  24. ^ "COMPANIES ORDINANCE (Chapter 32)" (PDF). Gazette Notice (970). Hong Kong: Companies Registry. 4 March 2005. Retrieved 18 December 2020.
  25. ^ a b Murphy, Kevin (26 March 1994). "Container Line's Restructuring Pays Off : Orient Overseas Rebounds". International Herald Tribune. Retrieved 17 December 2020 – via nytimes.com.
  26. ^ "Pension Plan in Ontario Is Buying Ports in U.S. and Canada". The New York Times. 25 November 2006. Retrieved 17 December 2020.
  27. ^ "China shipping firm Cosco to buy HK rival OOIL for $6.3bn". BBC News. 10 July 2017. Retrieved 10 July 2017.
  28. ^ Lo, Jennifer (20 July 2017). "Orient Overseas' days as a family business are numbered". nikkei.com. Retrieved 17 December 2020.
  29. ^ "COSCO's OOIL sells Long Beach terminal to Macquarie for $1.78 billion". Reuters.com. 30 April 2019. Retrieved 17 December 2020.
  30. ^ "Amnesty International Is Denied Lease at New York Tower Owned by China, Group Says". The New York Times. 13 May 2019. Retrieved 17 December 2020.
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