OOCL’s Q1 update disappoints

Orient Overseas Container Line

Orient Overseas Container Line’s unaudited first quarter update ended 31 March reveals a 17.1% drop in revenue despite a 4.2% increase in liftings. Revenue for the first quarter is estimated to be US$1.114bn compared to US$1.343bn during the same period in 2015.

Chronically poor freight rates on the Asia-Europe trade saw revenue fall 36.3% for the Hong Kong-based shipping line as liftings dropped by 11.1% to 240,331 teu. Trans-Pacific trade received a boost from a recovering US economy in the shape of a 12.4% increase in liftings, but freight revenues, which fell 12.5% to US$458m, did not match the increased demand.

Intra-Asia/Australasia services increased liftings by 5.3% but received 14.4% less revenue for their efforts, while Trans-Atlantic trade saw a 10.8% rise in the number of liftings to 96,943 teu as revenue fell 2.6%.

With an increase of 6.3% in loadable capacity, the overall load factor was 1.7% lower than the same period in 2015. Overall average revenue per teu decreased by 20.4% compared to the first quarter of last year.

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