Hong Kong Billionaire Family’s Shipper OOCL Says Profit Plunged By 84% in 2013

The Hong Kong shipper controlled by the billionaire family of former Hong Kong chief executive Chee Hwa Tung, plunged by 84% from a year earlier amongst "disappointing" freight shipments, the company has said.

The profit dropped from $295.4 million a year earlier to $47.0 million the following year. Revenue slid from, $6.2 billion to $6.5 billion in 2013.

The company has said that “Seaborne trade growth for the liner industry was subdued in 2013. Freight levels were disappointing, especially during the first half of the year".

Chairman Chee Chen Ting and family ranked No.609 on the 2014 Forbes Billionaires List with an estimated wealth of $2.8 billion. His brother Chee Hwa Tung was the first chief of Hong Kong’s government under Chinese rule.

Chairman of logistics firm Crown Worldwide Group, Jim Thompson, was also mentioned on the new billionaires list from Hong Kong.