Orient Overseas (International) Limited

Founder of Orient Overseas, Tung Chao-yung, formed the first all-Chinese crew shipping route[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 then named the company Orient Overseas Line.[3] In 1969, the business was renamed as Orient Overseas Container Line.[3]

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, Far East 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 passenger liner SS President Cleveland and renamed Oriental President.[8]

In 1974, Orient Overseas Container (Holdings) acquired a bulk freighter company from the Tung family's C.Y. Tung Group, for HK$43 million.[9] 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.[10][11]

In 1980, Orient Overseas Container (Holdings) acquired a British shipping company, Furness, Withy & Co..[12]

Shortly before the death of Tung Chao-yung in 1982,[12] Tung Chee-hwa, his eldest son, succeeded to be the chairman of Orient Overseas.[11]

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.[13] In October, Crédit Commercial de France cancelled the application to the court on liquidate Orient Overseas.[14] 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.[15] In the same year, Orient Overseas announced to consider to close down the oil drilling business unit.[16] In November, the group announced to sell some subsidiaries of group, such as Kuwait Hong Kong General Insurance and others companies.[17] The insurance and oil drilling businesses were acquired by China Merchants Group.[18]

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.[19]

Orient Overseas (International) Limited (OOIL), was incorporated in Bermuda on 29 July 1986.[20] Some time later, it became the new holding company of the group. OOIL became a listed company on 31 July 1992.[21] 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.[22] Orient Overseas (Holdings) was deregistered and dissolved in 2005.[23]

The listed company also sold the stake in Furness Withy and the Kwai Tsing Container Terminals during its restructuring.[24] The company paid dividend again in 1994, the first time since the restructuring.[24]

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.[25]

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.[26][27] 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.[28]

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.[29]