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OOCL Q3 revenue up 125% to $4.3 billion

Volume down by over 7% but revenue per TEU jumps 142%

Orient Overseas Container Line released its impressive third-quarter earnings report without fanfare. (Photo: OOCL)

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. 

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Click here for more American Shipper/FreightWaves stories by Senior Editor Kim Link-Wills.

Kim Link Wills

Senior Editor Kim Link-Wills has written about everything from agriculture as a reporter for Illinois Agri-News to zoology as editor of the Georgia Tech Alumni Magazine. Her work has garnered awards from the Council for the Advancement and Support of Education, the Georgia Institute of Technology and the Magazine Association of the Southeast. Prior to serving as managing editor of American Shipper, Kim spent more than four years with XPO Logistics.