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OOIL reports 14.4% jump in Q2 revenues
Orient Overseas International (OOIL) sees revenue boost despite only a marginal increase in container volumes.
1 Min Read
Photo: OOCL
The Hong Kong-listed subsidiary of China Cosco Shipping which runs the Orient Overseas Container Line (OOCL) brand reported second quarter revenues of $2.26 billion up 14.4% on the same period in 2023.
Revenues were up despite a only a marginal 0.9% increase in liftings and a 3.4% decrease in loadable capacity year-on-year. Longer voyages via the Cape of Good Hope to avoid Houthi attacks in the Red Sea have attacked to soak up containership capacity.
In line with the second quarter increase in revenues OOIL said overall revenue per teu was up 13.4%.
Spot container freight rates have surged to their highest levels since 2022 in the second quarter of the year driven by the impact of the Red Sea crisis, resulting port congestion and increased demand. The rise in spot rate is yet to filter through to contract rates which comprise the majority of container lines’ long haul business.
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