OOIL revenues rise nearly 24% in Q2 2017

Orient Overseas International Ltd., parent of Hong Kong-based container carrier OOCL, posted revenues of $1.41 billion for the second quarter of 2017, up 23.8 percent from the corresponding 2016 period.    Orient Overseas International Ltd. (OOIL), parent of Hong Kong-based container carrier OOCL, saw revenues surge 23.8 percent year-over-year to $1.41 billion for the second quarter of 2017, largely driven by increased revenues from the transpacific and Asia-Europe trades, according to an unaudited financial update released by the company on Friday.
   Average revenue per TEU rose 16.2 percent from the second quarter of 2016, while volumes ticked up 6.6 percent.
   For the first six months of 2017, OOIL saw revenues rise 15.2 percent from the corresponding 2016 period, while average revenue per TEU rose 7.8 percent and volumes increased 6.8 percent.
   Based on operating fleet capacity, OOCL clocks in as the seventh largest carrier in the world at 660,028 TEUs, according to ocean carrier schedule and capacity database BlueWater Reporting’s Carrier Ranking Report.
   Earlier this month, Chinese state-run conglomerate COSCO Shipping Holdings and Shanghai International Port (Group) Co., Ltd. made a joint offer for OOIL, valued at roughly $6.3 million.
   For more in depth coverage on the potential deal, check out American Shipper’s August feature story, “Wedding bells”.