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OOCL reports record Q2 revenues

Photo: OOCL Container vessel OOCL Korea
Container line OOCL reported record revenues of $5.29bn in the second quarter of 2022 despite a drop in volumes.

OOCL’s parent company Orient Overseas (International) Ltd (OOIL) reported that revenues for the container line were up 52.4% in Q2 2022 on the same period a year earlier.

“This record result was achieved despite severe congestion around the network, which drove down liftings by 5.6% and loadable capacity by 6.1%,” OOIL said.

Revenue per teu was up 61.5% in Q2 this year compared to the same quarter in 2021 while the load factor was up 0.5%.

For the first half of 2022 total revenues were up 61% year-on-year, while average revenues per teu were up 74%.

The Q2 figures from OOCL underscore that container lines have been able lock in higher rates on long term contracts guaranteeing much higher earnings will continue in 2022.

TAGS: Asia OOCL