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OOCL Q3 revenue falls 12% while volumes rise slightly by 2%

OOCL Q3 revenue falls 12% while volumes rise slightly by 2%
Orient Overseas Container Lines (OOCL) saw third quarter total volumes rise 1.9% to 1.45m teu from 1.42m teu in the previous corresponding quarter, it said in a stock market announcement.

However the Hong Kong-based line had to do so at a cost as revenues decreased by 12.2% to $1.33bn from $1.52bn previously.

Loadable capacity increased by 12.3% as more big-sized ships came online and as a result, the overall load factor fell 7.1% from the same period in 2014. Average revenue per teu also expectedly, fel 13.8% compared to the third quarter of last year.

Reflecting woes felt throughout the container liner business, oerall average revenue per teu decreased by 13.8% compared to the third quarter of 2014.
 
Meanwhile for the year-to-date, volumes decreased by 0.9% to 4.19m teu and revenues fell 8.4% to $4.04bn from $4.41bn previously. Overall average revenue per teu decreased by 7.6% compared to the first nine months of last year.

The hardest hit sector as expected, was the Asia-Europe trade, where volume fell by 11.5% in the third quarter to 222,872 teu and revenue also plunged by a third to $210.2m from $310.2m previously.

More worrying for OOCL, in its key intra-Asia sector, while volume rose 4.6% to 769,064 teu, revenue fell 13.4% to $460.3m from $531.7m previously.