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Continuing the trend of more reshuffling in the liner industry, Hong Kong's Orient Overseas Container Line (OOCL) has grouped its Asia-Australia services in a newly formed consortium with ANL and COSCON called Asia Australia Consortium (A3).

Orient Overseas Container Line (OOCL) announced first quarter total volumes rose 4.2% from the previous corresponding quarter to 1.37m teu led by gains in the transatlantic and transpacific trade lanes, the Hong Kong-based carrier said in a stock market announcement. 

Despite turning in one of the best 2015 results among liner companies so far with a 13% rise in profit to $284m, Orient Overseas (International) Ltd the parent of Hong Kong line Orient Overseas Container Line (OOCL) remains cautious about the year ahead and is challenging for a challenging rate environment, cfo Alan Tung told a press briefing.

The EU has ruled that container lines cannot be make general rate increases (GRIs) more than 31 days in advance, with companies bound by the maximum rate level for period of announcement.

The reality of the disaster 2015 has been for the container shipping industry is starting to hit home, with Hong Kong's Orient Overseas Container Line (OOCL), normally very good at riding out downturns, reporting total revenue for the fourth quarter declining by 15.6% to $1.18bn from $1.40bn previously. Meanwhile revenue for the full-year fell 10.1% to $5.22bn from $5.81bn previously.

A consortium of five Asia-based container carriers – Hanjin Shipping MOL, K Line, OOCL and Coscon – will expand its Far East-Australia services from February next year in response to market demand.

Containership OOCL Europe, which made her maiden call at King Abdul Aziz Port in Dammam this week, was welcomed by its newest terminal operator Saudi Global Ports (SGP).

Hong Kong's Orient Overseas Container Lines (OOCL) has launched the last of its eight 8,888 teu SX Class ships on order from Hudong-Zhonghua Shipbuilding.

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.

The common denominator behind the improved performances of liner companies in the current reporting period has been the sharp drop in bunker prices. This has made up for the drops in revenue per teu they have experienced.

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