More boxes for OOCL in first half 2017

Hong Kong-listed Orient Overseas Container Line saw demand grow in the first six months of 2017, as lifted volumes increased 6.8% to 3.09m teu, compared to 2.89m teu during the first six months of 2016.

The two main trades were the driving force behind OOCL’s improved performance as Transpacific volumes grew 23.1% year-on-year to 865,081 teu, and Asia-Europe liftings also increased by a healthy 22.2% to 546,505 teu.

The only trade to see falls were the increasingly important intra-Asia/Australasia businesses, which saw a decline in liftings of 5.2% to 1.47m teu. Transatlantic volumes saw less spectacular growth than the main trading lanes but recorded a respectable spike of 8% to 209,438 teu.

Total first half revenue increased by 15.2% year-on-year to $2.25bn, reflecting overall average revenue per teu increase of 7.8%.

After months of speculation OOCL’s acquisition by China Cosco and Shanghai International Port Group was announced in June. The deal remains subject to regulatory approval.

 

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