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OOCL Q3 volumes up 5% but on lower turnover

OOCL Q3 volumes up 5% but on lower turnover
Hong Kong-based line Orient Overseas Container Line (OOCL) reported a 5.2% rise in third quarter volumes to 1.52m teu from 1.45m teu in the previous corresponding quarter, however, expectedly revenues plunged 13.8% to $1.15bn from $1.33bn previously.

The lower rates helped OOCL to fill its ships as loadable capacity increased by 0.7% while overall load factor still rose 3.6% over the previous corresponding period.

Overall average revenue per teu however was where they took the hit, falling 18.1%.

For the year-to-date, total volumes rose 5.4% to 4.41m teu while total revenues fell by 15.8% to $3.40bn.

Loadable capacity increased by 3.2% and the overall load factor was 1.7% higher than the previous corresponding period. Overall average revenue per teu fell by 20.1% from the previous period.

The biggest rise in volume (14%) was on the transpacific trade but this trade lane also saw the biggest fall in total revenue of 18.2% to $423.m.

In contrast, things seem to be picking up for OOCL on the Asia-Europe trade as their traditionally strong contacts and apparently right-sized ships start coming onstream. While volumes rose 7.2% to 238,844 teu, total revenue fell only 7.7% to $193.0m.