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OOCL sees 42% revenue plunge in Q2

OOCL sees 42% revenue plunge in Q2

Hong Kong: The latest unaudited operational update for Orient Overseas Container Line has shown that total revenues for the second quarter of 2009 (ended 30 June 2009) decreased by 42.6% to $ 869.6m following an 18.7% drop in total volumes for the period as compared to 2008. In a statement to the press, OOCL parent company Orient Overseas (International) Limited attributed the decrease to the fact that, "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.'

Accordingly, the company 'expects container shipping volumes and rates to remain weak in the second half of the year', although 'there is potential for retailers in Europe and the United States to restock in the third quarter ahead of the festive season.'

OOCL reported a 17.2% decrease in total volumes for the first six months of 2009 (ended 30 June 2009), while total revenues recorded a 37.2% decrease for the same period.  [14/07/09]

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