'For our Container Transport and Logistics businesses, 2007 proved a much stronger year than some were predicting at the end of 2006. Despite the US housing sector continuing to slow throughout the year, the effect on the global consumption was muted. The slower volume increase to the US West Coast was mitigated by the strong growth of cargo demand from Asia to Europe. Efficient operation of vessels by carriers in reaction to the high cost of fuel also absorbed capacity. Combined, these factors contributed to a much better balancing of supply and demand of capacity than was predicated for the year. With the strong Euro likely to sustain the current pace of outsourcing to Asia, and the recently announced fiscal and monetary stimulus measures in the United States, we expect much of the same trade pattern and growth of 2007 will continue through 2008.'
'During the year, we took delivery of two 8,063 teu and three 4,578 teu vessels from Samsung Shipyard. Four new 5,888 teu ships under charter with purchase options were also introduced to the fleet. We expect to take delivery of 3 x 4,506 teu ships from Samsung in 2008. In the fourth quarter of 2007, the Group placed orders with Hudong - Zhonghua Shipyard (Group) Co, Ltd for a total of six newbuild 8,600 teu vessels scheduled for delivery from late October 2010 through to the end of 2011. Based on the existing fleet and orders, these vessels will be the largest in the OOCL fleet when delivered. These orders followed the placing of an order for six 4,500 teu vessels with Samsung Heavy Industries Co Ltd in the first half of the year. During the year our oldest vessel, the OOCL Envoy, was disposed for $9 million. Built in 1979, the ship had a capacity of 2,544 teu,' said Mr. Tung. 'For our property development and investment business, as at the end of 2007, the Group had 1.4 million square meters of Total Gross Floor Area under development. Given the complexities of real estate development and investment business in the PRC, we have defined our business to be geographically focused on the Greater Shanghai and Greater Bohai (Beijing / Tianjin) areas over th