OOCL’s revenues, volumes rise in Q3

The Hong Kong-based container carrier moved 1.71 million TEUs and recorded revenues of $1.56 billion for the third quarter of 2018.    Container carrier Orient Overseas Container Line (OOCL) moved 1.71 million TEUs in the third quarter of 2018, up 6.9 percent from the same period last year, according to OOCL’s parent company, Orient Overseas (International) Ltd. (OOIL).
   OOCL’s revenues in the third quarter of 2018 totaled $1.56 billion, 7 percent more than in the third quarter of 2017.
   Now majority-owned by COSCO, OOCL is usually one of the first container carriers to report quarterly results. It posted strong growth in the transpacific trade, both in the amount of cargo moves, as well as revenues. Liftings on the transpacific trade were up 7.3 percent year-over-year in the third quarter of 2018 to 509,436 TEUs and revenues were up 15.5 percent to $651 million.
   On the Asia-Europe trade, OOCL’s liftings rose 10.4 percent to 328,786 TEUs, but revenues fell 0.1 percent to $305 million.
   On the transatlantic trade, liftings fell 1.6 percent to 109,121 TEUs, but revenues were up 3.8 percent to $132 million.
   On the intra-Asia/Australasia trades, liftings grew 6.6 percent to 762,851 TEUs while revenues rose 2.3 percent to $467 million.