OOCL Handles More as Revenues Rise in Q3

Hong Kong-based container carrier Orient Overseas Container Line (OOCL) reported that its volumes and revenues continued rising during the third quarter of 2017.

News ID: 77085

Date: 01 November 2017 - 09:26

For the quarter ended September 30, OOCL’s total volumes were 5% up from the same period last year, MANA correspondent reported.

During the period, the company handled 1.59 million TEU, up from 1.52 million TEU reported in the same quarter a year earlier.

The Asia/Europe trade saw the largest increase in volumes, which were at 297,897 TEU, up by 24.7% from 238,844, followed by the Trans-Pacific trade with 474,794 TEU, a rise of 14.1%, and Trans-Atlantic trade which saw an increase of 13.6% percent in volumes, handling 110,942 TEU. The company’s Intra-Asia/Australasia trade handled 715,693 TEU, 7.1% less in the quarter.

Total revenues for the third quarter of 2017 were up by 26.5% to USD 1.45 billion, compared to USD 1.14 billion reported in the third quarter of 2016, mostly driven by the Asia/Europe trade which reported a 57.6% surge in revenues to USD 305.7 million from USD 193.9 million.

OOCL said that loadable capacity increased by 9%. The overall load factor was 3% lower than the same period in 2016. Overall average revenue per TEU increased by 20.6% compared to the third quarter of last year.

For the first nine months of 2017, total volumes increased by 6.2% over the same period last year and total revenues recorded a 19% growth. Loadable capacity increased by 6.6%. The overall load factor was 0.3% lower than the same period in 2016, while overall average revenue per TEU increased by 12.1% compared to the same period last year.