OOCL reports increase in third-quarter container volumes, revenue

Orient Overseas Container Line (OOCL) said both container volumes and revenue were higher in the third quarter this year than in 2018.

The Hong Kong-based carrier said total liftings were 1,781,120 TEU in the quarter ending Sept. 30, 4.1% higher than in the third quarter of 2018. Transpacific volumes were up 3.5%; transatlantic volumes were up 5.8%; Asia-Europe volumes were up 11.4%; and intra-Asia/Australasia volumes were up 1.2%.

Total revenue in the third quarter this year was $1.646 billion, up 5.8%. Revenue in the transpacific was up 7.1%; in the transatlantic up 12%; in Asia-Europe up 3.1%; in the company’s intra-Asia/Australasia segment up 4.1%.

Simon Heaney, senior manager, container research at Drewry Shipping Consultants told American Shipper that “These numbers look very positive compared to the market. They also indicate that OOCL has not been involved in the rate cutting evident in the wider Asia-Europe and Transpacific lanes. “

OOCL’s parent, Orient Overseas (International) Ltd. (OOIL), releases the bare-bones quarterly operational update weeks ahead of the quarterly financial reports of most public container carriers. The update can give some indication of the general direction of the container shipping industry, though traditionally OOIL and OOCL have typically outperformed much of the liner industry.

In addition, in 2018, COSCO Shipping Holdings acquired a 75% stake in OOIL. OOIL says it and COSCO will pursue a “dual brand” strategy. OOCL, COSCO, CMA CGM and Evergreen are all members of the Ocean Alliance, one of the three global space sharing agreements among container liner companies.