OOCL's Q2 revenue jumps nearly 20% year-on-year, fueled by increased volumes and rates in transpacific and Asia-Europe trades.
Orient Overseas Container Line (OOCL) reported second quarter revenue up nearly 20 per cent year on year, driven by higher volumes and rates on transpacific and Asia-Europe trades, reported New York's Journal of Commerce.
Total volume across OOCL's four main trades rose almost 9 per cent to 2.13 million TEU. Average revenue per TEU increased 10.1 per cent, lifting total revenue to US$2.53 billion.
Transpacific led growth, with volume up 21.5 per cent to 608,979 TEU and revenue climbing 29.3 per cent to US$973.73 million. Asia-Europe volume rose 7 per cent to 386,513 TEU, with revenue up 17.6 per cent to $521 million.
On the trans-Atlantic, volume edged up 1.8 per cent to 150,467 TEU, but revenue slipped 1.3 per cent to $191 million. Intra-Asia/Australasia volume rose nearly 4 per cent to 989,215 TEU, with revenue up 16.8 per cent to $850 million.
First half volume reached just over 4 million TEU, up 5.2 per cent. Revenue rose 5.5 per cent to $4.7 billion, led by trans-Pacific at $1.71 billion, up 4.3 per cent. Intra-Asia/Australasia revenue was $1.6 billion, up 8.7 per cent, while Asia-Europe revenue rose 5.8 per cent to $1 billion. Trans-Atlantic revenue fell 2.7 per cent to $354 million.
Spot rates surged in the second quarter, with Asia-US East Coast rising 160 per cent from April to June, Asia-US West Coast more than doubling, and Asia-Europe and Asia-Mediterranean up 90 per cent and 82 per cent respectively.
