OOCL revenue jumps 16% in third quarter

OOCL has reported significantly improved liftings and average revenues in its third quarter operating update.

OOCL Hong Kong’s maiden call to Asia’s world city

Total liftings increased 9.5% to 1.95 Mteu, with transatlantic vol- umes recording the largest increase of 22.6%, while transpacific vol- umes were up by 11.1%. Intra-Asia/Australasia and Asia-Europe lift- ings rose 7.6% and 6.9% respectively.

Meanwhile, OOCL’s total revenue reached $1.91 billion in the period, an increase of 16.3% compared to the same quarter last year, as average revenue per TEU increased significantly by 6.2% to $981. This compares to an average revenue per TEU $924 a year ago, and $938 per TEU in the second quarter of 2020.

Year-on-year, Asia-Europe revenue rose 25.5%, and transpacific reve- nue by 18.4%. Meanwhile, intra-Asia/Australasia revenue increased 11.5% and transatlantic revenue by 2.4%.

Transatlantic rates have not yet returned to 2019 levels, however, despite the recent recovery in volumes. Company revenue on the route over the full January – September period came in at $440.7 million, versus $442.9 million in 2019, and average revenue per TEU was $1,116. This compares to an average rate of $1,244 per TEU in the same period in 2019. OOCL increased its service offering on the transatlantic trade in the first half of the year.

Overall in the first nine months of the year, OOCL’s liftings across all routes were up a modest 1.6%, but revenue rose a robust 7.8%.

On the back of its strong financials, OOCL is believed to be exploring orders for more megamax newbuildings following the five contracts placed in March this year. OOCL ordered two 23,000 TEU vessels from Dalian COSCO KHI Shipyard and three from Nantong COSCO KHI Shipyard. All five vessels are slated for delivery in 2023.

Source: Alphaliner

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