[ Orient Overseas International Announces 1999 Interim R.. ]

Orient Overseas International Announces 1999 Interim Results

Orient Overseas(International)Ltd.(”OOIL”) Group recently announce
d a profit before taxation of US $5.7 million compared with a loss bef
ore taxation of US$11.9 million in the same period last year. After t
axation, the Group reported a loss of US$l.3million. For the same peri
od in 1998, the after taxation loss was US$ 14.6 million.

OOIL Chairman and Chief Executive Officer, CC Tung, said “The profi
t before taxation of US$5.7 million represents an improvement in our p
erformance of US$17.6 million from the first half of 1998 and brings a
better outlook for the remainder of the year.”

“The recovery in containerised transportation has been assisted by
exceptional consumer demand in the United States of America for manufa
cured goods, much of which are made in Asia. The industry has also be
nefited from a lower numbr of newbuilding deliveries. A marked slowin
g of U.S. consumer demand and/or excess vessel capacity in the importa
nt Trans-Pacific trade by either new deliveries deployment or by vesse
l redeployment from other trades are the more important trade risks ne
xt year. Neither of these scenarios are anticipated for the remainder
of the year. With the coming seasonal upswing, the continued strength
in the U.S. economy, the improving European economy and signs of the
Asian recovery, we remain hopeful for a positive tone in the industry
during the second half of the year.”