OOCL first quarter revenue up 16% to $1.38bn

The container shipping and logistics service company’s higher revenue was achieved on the back of 7.5% growth in volumes to 1.58m teu from 1.47m teu, with transpacific and Asia-Europe routes showing good increases in liftings and revenue.

Loadable capacity was up 16% while overall load factor was 6.4% lower than the same period in 2017. The company’s average revenue per teu increased by 8.3% compared to the year-ago period.

Liftings increased 16.3% to 457,461 teu and revenues rose 19.2% to $529m in the transpacific trades while on the Asia-Europe route, volumes rose by 20.5% to 302,679 teu and revenue was up 23.8% at $281.3m. Other container carriers had also reported brisk traffic along transpacific routes but noted that an upswing in spot freight rates came to a standstill because of growing ship capacity owing to the production of new ultra-large containerships.

OOCL, whose parent company is in the process of being sold to Cosco, managed a 13% increase in revenue to $447.3m in the intra-Asia/Australasia route although liftings declined 1.1% to 716,390 teu.

On its transtlantic services, OOCL’s volumes grew 2.2% to 103,048 teu while revenue increased 1.9% to $120.9m. 

 
Source: Lloyd’s List