Loading AI tools
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]
 | |||
| |||
| Company type | Public | ||
| SEHK: 316 | |||
| Industry | Shipping and logistics | ||
| Predecessor | Orient Overseas (Holdings) Limited | ||
| Founded |
| ||
| Founder | Tung Chao-yung | ||
| Headquarters | , | ||
Key people | |||
| Owner | COSCO Shipping | ||
Number of employees | 10,436 (2020) [1] | ||
| Parent | COSCO Shipping | ||
| Subsidiaries |
| ||
| Chinese name | |||
| Traditional Chinese | 東方海外（國際）有限公司 | ||
| |||
| Orient Overseas | |||
| Traditional Chinese | 東方海外 | ||
| |||
| Orient Overseas (Holdings) Limited | |||
| Traditional Chinese | 東方海外實業有限公司 | ||
| |||
| Website | www | ||
Orient Overseas
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 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
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]
Wikiwand in your browser!
Seamless Wikipedia browsing. On steroids.
Every time you click a link to Wikipedia, Wiktionary or Wikiquote in your browser's search results, it will show the modern Wikiwand interface.
Wikiwand extension is a five stars, simple, with minimum permission required to keep your browsing private, safe and transparent.
