Orient Overseas (International) Ltd. (“OOIL”) announces that, following a strategic review of its terminal assets, it has engaged UBS Investment Bank to advise it in relation to the potential disposal of its Terminals Division, a move being considered in order to realize the true potential value of these assets.
OOIL’s Terminals Division comprises TSI Terminal Systems Inc., which operates two container terminals, Deltaport and Vanterm, in the Port of Vancouver, New York Container Terminal on Staten Island in New York City and Global Terminal in New Jersey each of which operates a container terminal in the Port of New York and New Jersey.
OOIL’s Terminals Division recorded a total throughput of 2,379,006 teu for 2005 and overall has experienced strong growth during the first half of 2006. Major expansion schemes are planned for both Deltaport in the Port of Vancouver and New York Container Terminal in the Port of New York and New Jersey. The Terminals Division operates as a stand-alone profit centre and a disposal would not affect the efficient operations of OOCL, OOIL’s core container liner business.
OOIL wishes to make clear that, at this stage, there is no certainty that a potential disposal of the Terminals Division will take place. Further announcements will be made in relation to the progress of any potential disposal as and when appropriate.