OOCL’s revenue, volume rising
Hong Kong’s Orient Overseas (International) Ltd. reported impressive third quarter revenue and volume gains in all trades, especially in the Asia/Europe route, made by ocean carrier subsidiary OOCL.
OOCL posted a total 26.9 percent quarterly revenue increase to $1.42 billion from $1.12 billion in the same period a year ago. Average revenue per TEU across all trades increased 5.3 percent year-on-year with volume for the quarter up 20.5 percent to 1.20 million TEUs. OOCL’s overall load factor was down 5.9 percent from last year with a 29.7 percent increase in loadable capacity as new ships entered its fleet.
The biggest quarterly gain in revenue came from the Asia/Europe market with a 51.3 percent rise to $346.8 million. This follows an 8 percent increase in box volumes for the three months to 198,469 TEUs.
Revenue from the transpacific, OOCL’s biggest single market, rose 15.1 percent in the latest quarter to $565.9 million with volumes up 18.2 percent to 377,170 TEUs.
Revenue from OOCL’s services in the transatlantic rose 5.7 percent to $153.6 million. Volume in that market in the third quarter grew 14.1 percent to 96,622 TEUs.
Combined intra-Asia and Australasia revenues improved 39.7 percent to $356 million following a volume increase of 29.1 percent to 532,759 TEUs.
For the year so far, OOCL’s revenue is up 19.1 percent to $3.74 billion with total volume up 19.4 percent to 3.41 million TEUs.