{{Short description|Hong Kong, China based investment holding company}} {{About|Orient Overseas (International) Limited, the parent company of Orient Overseas Container Line|the subsidiary|Orient Overseas Container Line}} {{Infobox company | name = Orient Overseas (International) Limited | logo = ooil.png | logo_size = 100 | type = Public | traded_as = {{hkex|316}} | trade_name = {{ubl|Orient Overseas|OOIL}} | foundation = {{ubl|1947|1986 (as OOIL)}} | predecessor = Orient Overseas (Holdings) Limited | founder = Tung Chao-yung | hq_location_city = Hong Kong | hq_location_country = China | key_people = {{ubl|Gary Jacob Yu (CEO)|Lianne Chiu (COO|Kaye Alexandrine Ang, CMA (CFO)}} | num_employees = 10,436 (2020) <ref>{{Cite web|url=https://finance.yahoo.com/quote/0316.HK/profile?p=0316.HK|title = OOIL (0316.HK) Company Profile & Facts - Yahoo Finance}}</ref> | industry = Shipping and logistics | products = | revenue = | operating_income = | net_income = | parent = COSCO Shipping | owner = COSCO Shipping | subsid = {{ubl|Orient Overseas Line|Orient Overseas Container Line|Orient Overseas Associates}} | homepage = {{url|http://www.ooilgroup.com}} | module = {{Chinese|child=yes|t=東方海外（國際）有限公司|s=|altname= Orient Overseas|t2=東方海外|altname3=Orient Overseas (Holdings) Limited|t3=東方海外實業有限公司}} }}

'''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.<ref>[http://wrightreports.ecnext.com/coms2/reportdesc_COMPANY_C344E2010 Orient Overseas (International) Limited] {{webarchive|url=https://web.archive.org/web/20080628060140/http://wrightreports.ecnext.com/coms2/reportdesc_COMPANY_C344E2010 |date=2008-06-28 }}</ref> It is the parent company of Orient Overseas Container Line (OOCL), one of the world's largest container shipping companies.<ref>{{cite press release|url=http://www.oocl.com/eng/pressandmedia/pressreleases/2003/24feb03.htm|title=C. C. Tung Officially Opened OOCL House, Levington, UK.|archive-url=https://web.archive.org/web/20090427165516/http://www.oocl.com/eng/pressandmedia/pressreleases/2003/24feb03.htm |archive-date=2009-04-27 |publisher=OOCL |date=24 February 2003}}</ref>

==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<ref name=OOCLhistory/> in 1947.<ref>{{cite web|url=https://www.forbes.com/profile/tung-chee-chen/|title=#616 Tung Chee Chen|access-date=17 December 2020|website=Forbes.com}}</ref> However, Tung Chao-yung already established his Hong Kong operation in 1937.<ref name=Spotlight/> He was the vice-president of Shipowners Association in Tianjin at that time.<ref name=Spotlight/>

Tung Chao-yung then{{when|date=December 2020}} named the company Orient Overseas Line.<ref name=OOCLhistory/> In 1969, the business was renamed as Orient Overseas Container Line.<ref name=OOCLhistory>{{cite web|url=https://www.oocl.com/eng/aboutoocl/companyprofile/ooclhistory/Pages/default.aspx|title=OOCL History|publisher=OOCL|access-date=17 December 2020}}</ref>{{primary source inline|date=December 2020}}

The holding company of the group, Orient Overseas Container (Holdings) Limited, was incorporated on 27 February 1973.<ref name=CR/> It was a listed company in Hong Kong, {{ill|Far East Exchange|zh|遠東交易所|lt=Far East}} and Kam Ngan stock exchanges since May 1973.<ref>{{cite news|script-title=zh:東方海外貨櫃新股決依原定計劃公售|date=11 April 1973|newspaper=Wah Kiu Yat Po|page=18|language=zh-hk|location=Hong Kong|via=Hong Kong Public Libraries [https://mmis.hkpl.gov.hk/ MMIS]}}</ref> These exchanges were merged in 1986. Jardine Matheson was a minority shareholder of the listed company.<ref name=Spotlight>{{cite news|url=https://www.nytimes.com/1977/02/20/archives/spotlight-the-cheerful-mr-tung.html|title=Spotlight|date=20 February 1977|access-date=17 December 2020|newspaper=The New York Times}}</ref>

In 1973, Orient Overseas Line purchased the passenger liner {{SS|President Cleveland|1947|2}} and renamed it ''Oriental President''.<ref>{{cite news|url=https://www.nytimes.com/1973/02/27/archives/liner-sails-to-new-home.html|title=Liner Sails to New Home|date=27 February 1973|access-date=17 December 2020|newspaper=New York Times}}</ref> 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.<ref name="nyt1974">{{cite news |url=https://www.nytimes.com/1998/06/30/nyregion/nyc-blow-it-up-just-try-to-find-it.html |title=2 Towers Rise Above Mediocrity |first=Paul |last=Goldberger |author-link=Paul Goldberger |newspaper=The New York Times |date=February 21, 1974 |access-date=March 21, 2025 }}</ref>

In 1974, Orient Overseas Container (Holdings) acquired a bulk freighter company from the Tung family's C.Y. Tung Group, for HK$43&nbsp;million.<ref>{{cite news|script-title=zh:東方海外貨櫃公司增加船舶擴新業務|date=9 March 1974|newspaper=Wah Kiu Yat Po|page=20|language=zh-hk|location=Hong Kong|via=Hong Kong Public Libraries MMIS}}</ref> 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.<ref>{{cite news|script-title=zh: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|trans-title=Orient Overseas Container acquires two container ships and 2/3 shares [sic] of Dart Container from C.Y. Tung Group|date=13 June 1976|newspaper=The Kung Sheung Daily News|page=7|language=zh-hk|location=Hong Kong|via=Hong Kong Public Libraries MMIS}}</ref><ref name=1981NYT/>

In 1980, Orient Overseas Container (Holdings) acquired a British shipping company, Furness, Withy & Co.<ref name=obituary/>

Shortly before the death of Tung Chao-yung in 1982,<ref name=obituary>{{cite news|url=https://www.nytimes.com/1982/04/17/obituaries/c-y-tung-owned-a-shipping-empire.html|title=C. Y. TUNG, OWNED A SHIPPING EMPIRE|date=17 April 1982|access-date=17 December 2020|newspaper=The New York Times}}</ref> Tung Chee-hwa, his eldest son, succeeded to be the chairman of Orient Overseas.<ref name=1981NYT>{{cite news|url=https://www.nytimes.com/1981/01/28/business/fleet-grows-despite-a-slump.html|title=FLEET GROWS DESPITE A SLUMP|date=28 January 1981|access-date=17 December 2020|newspaper=The New York Times|quote=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.}}</ref>

In 1983, Orient Overseas Container (Holdings) Limited, was renamed to Orient Overseas (Holdings) Limited.<ref name=CR>Hong Kong Companies Registry</ref>

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.<ref>{{cite news|script-title=zh:東方海外重組計劃現已提呈予債權人|date=13 February 1986|page=15|newspaper=Wah Kiu Yat Po|language=zh-hk|location=Hong Kong|via=Hong Kong Public Libraries MMIS}}</ref> In October, Crédit Commercial de France cancelled the application to the court on liquidate Orient Overseas.<ref>{{cite news|script-title=zh: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|date=14 October 1986|page=17|newspaper=Wah Kiu Yat Po|language=zh-hk|location=Hong Kong|via=Hong Kong Public Libraries MMIS}}</ref> 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.<ref>{{cite news|script-title=zh:東方海外及萬邦航運股份復牌後價錢勁升|date=18 February 1987|newspaper=Ta Kung Pao|language=zh-hk|location=Hong Kong|page=13|via=Hong Kong Public Libraries MMIS}}</ref> In the same year, Orient Overseas announced to consider to close down the oil drilling business unit.<ref>{{cite news|script-title=zh:東方海外鑽油業務虧蝕繼續經營抑或結束仍在考慮中|date=25 August 1987|newspaper=Ta Kung Pao|language=zh-hk|location=Hong Kong|page=11|via=Hong Kong Public Libraries MMIS}}</ref> In November, the group announced to sell some subsidiaries of group, such as Kuwait Hong Kong General Insurance and others companies.<ref>{{cite news|script-title=zh:東方海外續改組擬出售若干附屬公司|date=26 November 1987|newspaper=Ta Kung Pao|language=zh-hk|location=Hong Kong|page=19|via=Hong Kong Public Libraries MMIS}}</ref> The insurance and oil drilling businesses were acquired by China Merchants Group.<ref>{{cite news|script-title=zh: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|date=22 June 1988|newspaper=Ta Kung Pao|language=zh-hk|location=Hong Kong|page=11|via=Hong Kong Public Libraries MMIS}}</ref>

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.<ref>{{cite news|script-title=zh:香港國際貨櫃碼頭股權東方海外實業宣佈增購|date=1 May 1988|newspaper=Ta Kung Pao|language=zh-hk|location=Hong Kong|page=15|via=Hong Kong Public Libraries MMIS}}</ref>

===Orient Overseas (International) Limited=== Orient Overseas (International) Limited (OOIL), was incorporated in Bermuda on 29 July 1986.<ref>{{cite web|url=https://www.roc.gov.bm/roc/rocweb.nsf/public+register/o+public+companies|title=Review of Companies Register|access-date=17 December 2020|publisher=Bermuda Registrar of Companies}}</ref> Some time later, it became the new holding company of the group. OOIL became a listed company on 31 July 1992.<ref>{{cite web|url=https://www.hkex.com.hk/Market-Data/Securities-Prices/Equities/Equities-Quote?sym=316&sc_lang=en|title=ORIENT OVERSEAS (INTERNATIONAL) LTD. (316)|access-date=17 February 2020|publisher=Hong Kong Exchanges and Clearing Limited}}</ref> 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.<ref>{{cite press release|url=https://www.ooilgroup.com/newsroom/statutoryannouncements/2004/Documents/Announcement%20dd%2015%20Jun%202004.pdf|title=NOTICE TO FORMER SHAREHOLDERS OF ORIENT OVERSEAS (HOLDINGS) LIMITED|date=15 June 2004|access-date=18 December 2020|publisher=Orient Overseas (International)}}</ref> Orient Overseas (Holdings) was deregistered and dissolved in 2005.<ref>{{cite journal|url=https://www.gld.gov.hk/egazette/pdf/20050909/egn20050909970.pdf|title=COMPANIES ORDINANCE (Chapter 32)|journal=Gazette Notice|issue=970|publisher=Companies Registry|location=Hong Kong|date=4 March 2005|access-date=18 December 2020}}</ref>

The listed company also sold the stake in Furness Withy and the Kwai Tsing Container Terminals during its restructuring.<ref name="dividend1994"/> The company paid dividend again in 1994, the first time since the restructuring.<ref name="dividend1994">{{cite news|url=https://www.nytimes.com/1994/03/26/business/worldbusiness/IHT-container-lines-restructuring-pays-off-orient.html|title=Container Line's Restructuring Pays Off : Orient Overseas Rebounds|date=26 March 1994|access-date=17 December 2020|newspaper=International Herald Tribune|first=Kevin|last=Murphy|url-access=limited|via=nytimes.com}}</ref>

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.<ref name=OOCLhistory/>

In 2006, Orient Overseas sold four container terminals to the Ontario Teachers' Pension Plan.<ref>{{cite news|url=https://www.nytimes.com/2006/11/25/business/worldbusiness/pension-plan-in-ontario-is-buying-ports-in-us-and.html|title=Pension Plan in Ontario Is Buying Ports in U.S. and Canada|date=25 November 2006|access-date=17 December 2020|newspaper=The New York Times}}</ref>

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.<ref>{{cite news|title=China shipping firm Cosco to buy HK rival OOIL for $6.3bn|work=BBC News|date=10 July 2017 |url=https://www.bbc.co.uk/news/40552293|access-date=10 July 2017}}</ref><ref>{{cite news|url=https://asia.nikkei.com/Business/Orient-Overseas-days-as-a-family-business-are-numbered|title=Orient Overseas' days as a family business are numbered|date=20 July 2017|access-date=17 December 2020|work=nikkei.com|first=Jennifer|last=Lo}}</ref> The takeover was completed in 2018.<ref name=OOCLhistory/>

In April 2019, OOIL sold a container terminal in Long Beach to Macquarie Group for US$1.78 billion.<ref>{{cite news|url=https://www.reuters.com/article/us-ooil-m-a-macquarie/coscos-ooil-sells-long-beach-terminal-to-macquarie-for-1-78-billion-idUKKCN1S604S|title=COSCO's OOIL sells Long Beach terminal to Macquarie for $1.78 billion|date=30 April 2019|access-date=17 December 2020|website=Reuters.com}}</ref>

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.<ref>{{cite news|url=https://www.nytimes.com/2019/05/13/nyregion/amnesty-international-lease-china.html|title=Amnesty International Is Denied Lease at New York Tower Owned by China, Group Says|date=13 May 2019|access-date=17 December 2020|newspaper=The New York Times|url-access=limited}}</ref>

==References== {{reflist}}

==External links== * {{official website}}

{{-}} {{Shipping companies of China}} {{China logistics}} {{Hang Seng Index}}

Category:Conglomerate companies of Hong Kong Category:Logistics companies of China Category:Shipping companies of Hong Kong Category:Shipping companies of Bermuda Category:Transport companies established in 1947 Category:1947 establishments in Hong Kong Category:Transport companies established in 1986 Category:1986 establishments in Hong Kong Category:Companies listed on the Hong Kong Stock Exchange Category:COSCO Shipping Category:Offshore companies of Bermuda