Orient Overseas Sails To Profit

Container shipperOrient Overseas (International) Ltd. said Thursday it swung to a first-half net profit because of improved freight rates due to China’s rapid recovery from the global economic downturn, as well as one-off gains from an asset sale. Orient Overseas, which is controlled by the family of former Hong Kong Chief Executive Tung Chee-hwa, said robust demand for container shipping is continuing into the third quarter, and the company is considering raising freight rates on some key routes.