Orient Overseas (International) Limited

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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.[1] It is the parent company of Orient Overseas Container Line (OOCL), one of the world's largest container shipping companies.[2]

History

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[3] in 1947.[4] However, Tung Chao-yung already established his Hong Kong operation in 1937.[5] He was the vice-president of Shipowners Association in Tianjin at that time.[5]

Tung Chao-yung thenScript error: No such module "Unsubst". named the company Orient Overseas Line.[3] In 1969, the business was renamed as Orient Overseas Container Line.[3]Script error: No such module "Unsubst".

The holding company of the group, Orient Overseas Container (Holdings) Limited, was incorporated on 27 February 1973.[6] It was a listed company in Hong Kong, Template:Ill and Kam Ngan stock exchanges since May 1973.[7] These exchanges were merged in 1986. Jardine Matheson was a minority shareholder of the listed company.[5]

In 1973, Orient Overseas Line purchased the passenger liner Script error: No such module "WPSHIPS utilities". and renamed it Oriental President.[8] Also in 1973, Orient Overseas commissioned the building of Wall Street Plaza (88 Pine Street), an office building in New York, as well as a nearby plaza. The building was built by I. M. Pei's company and designed by architect Jim Freed.[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.[6]

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.[3]

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.[3]

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

In May 2019, Orient Overseas Associates (the holding company in the US) backed out of a deal to lease office space at Wall Street Plaza in New York to Amnesty International. This raised speculation that interference from mainland China-headquartered COSCO Shipping was involved, as denying leases is out-of-character for building owners.[30]

References

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  1. ↑ Orient Overseas (International) Limited Script error: No such module "webarchive".
  2. ↑ Script error: No such module "citation/CS1".
  3. ↑ a b c d e Script error: No such module "citation/CS1".
  4. ↑ Script error: No such module "citation/CS1".
  5. ↑ a b c Script error: No such module "citation/CS1".
  6. ↑ a b Hong Kong Companies Registry
  7. ↑ Script error: No such module "citation/CS1".
  8. ↑ Script error: No such module "citation/CS1".
  9. ↑ Script error: No such module "citation/CS1".
  10. ↑ Script error: No such module "citation/CS1".
  11. ↑ Script error: No such module "citation/CS1".
  12. ↑ a b Script error: No such module "citation/CS1".
  13. ↑ a b Script error: No such module "citation/CS1".
  14. ↑ Script error: No such module "citation/CS1".
  15. ↑ Script error: No such module "citation/CS1".
  16. ↑ Script error: No such module "citation/CS1".
  17. ↑ Script error: No such module "citation/CS1".
  18. ↑ Script error: No such module "citation/CS1".
  19. ↑ Script error: No such module "citation/CS1".
  20. ↑ Script error: No such module "citation/CS1".
  21. ↑ Script error: No such module "citation/CS1".
  22. ↑ Script error: No such module "citation/CS1".
  23. ↑ Script error: No such module "citation/CS1".
  24. ↑ Script error: No such module "Citation/CS1".
  25. ↑ a b Script error: No such module "citation/CS1".
  26. ↑ Script error: No such module "citation/CS1".
  27. ↑ Script error: No such module "citation/CS1".
  28. ↑ Script error: No such module "citation/CS1".
  29. ↑ Script error: No such module "citation/CS1".
  30. ↑ Script error: No such module "citation/CS1".

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External links

  • Script error: No such module "Official website".Script error: No such module "Check for unknown parameters".

Template:Shipping companies of China Template:China logistics Script error: No such module "Navbox".

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