Trans-Pacific Trade Drives OOCL’s Revenue Up

zoomImage courtesy: OOCL

Hong Kong-based Orient Overseas Container Line (OOCL) delivered stronger revenue in the third quarter of 2018.

During the quarter ended September 30, 2018, the company witnessed a 7 percent rise in revenue, reaching USD 1.55 billion compared to USD 1.45 billion seen in the same period a year earlier. The rise was mainly driven by the Trans-Pacific trade, where revenues surged by 15.5 percent.

The Asia/Europe trade’s revenue was slight down by 0.1 percent, while the Trans-Atlantic and Intra-Asia/Australasia revenues increased by 3.8 and 2.3 percent, respectively.

OOCL’s total volume for the third quarter was up by 6.9 percent to 1.71 million TEU from 1.59 million TEU handled in the corresponding period in 2017.

The Asia/Europe trade saw the largest rise in volumes, which surged by 10.4 percent, followed by a 7.3 percent increase in Trans-Pacific volumes. Intra-Asia/Australasia volumes were also up by 6.6 percent, while Trans-Atlantic volumes fell by 1.6 percent.

Loadable capacity increased by 3.9 percent, while the overall load factor was 2.3 percent higher than in the same period in 2017. Overall average revenue per TEU increased marginally by 0.1 percent compared to the third quarter of last year.

For the first nine months of 2018, total volumes increased by 6.3 percent over the same period last year and total revenues recorded an 8.7 percent growth. Loadable capacity increased by 7.8 percent and the overall load factor was 1.2 percent lower than the same period in 2017. Overall average revenue per TEU increased by 2.3 percent compared to the same period last year.