OOCL Q3 Volumes Up
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 3.2% while overall load factor still rose 3.6% over the previous corresponding period, MANA correspondent reported.
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.
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.