Orient Overseas (International) Ltd., Hong Kong’s biggest container line, posted its first annual loss in 11 years after volumes and rates plunged. The $402.3 million net loss in 2009 compared with a net income of $272.3 million a year earlier, the company said in a Hong Kong stock exchange statement today. Sales plunged 33 percent to $4.35 billion.
Container volumes fell 14 percent as European and U.S. consumers cut spending on Asian-made toys and furniture because of the recession. Orient Overseas, the best performer in the MSCI World Index this year, may return to profit in 2010 as a global economic rebound helps revive rates, said a shipping analyst.