A 125% year-over-year revenue hike certainly warrants a bold headline, but that’s not Orient Overseas Container Line’s style.
Parent company Orient Overseas (International) Ltd. provided a two-paragraph summary of its third quarter, which ended Sept. 30 up 125.3% compared to the same period in 2020 at $4.3 billion in total revenue.
“This record result was achieved despite severe congestion around the network, which drove down liftings by 7.2% and loadable capacity by 7.6%,” OOCL said. “The overall load factor was 0.4% higher than the same period in 2020. Overall average revenue per TEU increased by 142.7% compared to the third quarter of last year.”
For Q3 2020, OOCL had reported a 16.3% revenue increase to $1.91 billion.
The Hong Kong-based ocean carrier said for the first nine months of 2021, total revenue increased 114.4% and liftings rose 9.6% compared to the same period last year. Average revenue per twenty-foot equivalent unit was up 95.6% year-over-year.
OOCL did not share earnings before interest, taxes, depreciation and amortization for Q3 2021.
Hapag-Lloyd is among the ocean carriers gearing up for the release of third-quarter financial reports. The German ocean shipping line will release its Q3 financials on Nov. 12. CEO Rolf Habben Jansen said recently he expects Hapag-Lloyd’s earnings to “remain strong” in the second half of 2021.
Hapag-Lloyd CEO: ‘We are probably in the peak of the problems’
OOCL vessel blamed for crane collapse at Taiwan port
Click here for more American Shipper/FreightWaves stories by Senior Editor Kim Link-Wills.
Freight Fraud Symposium
Double brokering. AI deepfakes. Identity theft. Freight fraud is an existential threat to the industry. Get ahead of it.
Supply Chain AI Symposium
Past the hype. Join operators, founders, and enterprise leaders figuring out how to deploy AI in supply chain.
Future of Rail Symposium
Reshoring is rewriting freight demand. Join shippers, rail executives, and government officials to shape the next decade.
Double brokering. AI deepfakes. Identity theft. Freight fraud is an existential threat to the industry. Get ahead of it.
Rock & Roll Hall of Fame • Cleveland, OH Register NowPast the hype. Join operators, founders, and enterprise leaders figuring out how to deploy AI in supply chain.
The Old Post Office • Chicago, IL Register NowReshoring is rewriting freight demand. Join shippers, rail executives, and government officials to shape the next decade.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register Now