Weak revenue, volume continue to buffet OOCL

Weak revenue, volume continue to buffet OOCL    Hong Kong-based ocean carrier OOCL saw revenue sink 42.6 percent in the second quarter as volumes declined 18.7 percent.
   The carrier saw revenue slide from $1.5 billion in the second quarter of 2008 to $869 million in the second quarter this year. Revenue per TEU fell 29.4 percent over the same period in 2008. For the year, volume is down 17.2 percent, with revenue down 37.2 percent.
   'The difficult trading conditions that saw substantial declines in volumes and freight rates in the first quarter of 2009 have continued in the second quarter of the year,' the carrier said in a statement. 'While there is potential for retailers in Europe and the United States to restock in the third quarter ahead of the festive season, the company expects container shipping volumes and rates to remain weak in the second half of the year.'
   Volume on the transpacific fell 15.4 percent while it fell farther on the Far East/Europe (20.2 percent) and transatlantic (22.2 percent). Significantly, revenue declined markedly on the Asia/Europe trade (by 50.2 percent in the second quarter), but only 14.3 percent in transpacific.
   The carrier’s parent company, OOIL, will release interim profit results in August.