HONG KONG's Orient Overseas Container Line (OOCL) posted a 9.8 per cent decline in second quarter revenue to US$1.41 billion year on year as cargo volume fell 2.6 per cent to 1.31 million TEU.
OOCL second quarter revenue shrinks 9.8pc as cargo volume falls 2.6pc
HONG KONG's Orient Overseas Container Line (OOCL) posted a 9.8 per cent decline in second quarter revenue to US$1.41 billion year on year as cargo volume fell 2.6 per cent to 1.31 million TEU.
First half revenue fell 3.7 per cent to $2.87 billion year on year while loadable capacity grew 1.8 per cent. But the overall load factor was 2.4 per cent lower than the same period last year. First half revenue per TEU also dropped 2.2 per cent year on year.
Second quarter revenue per TEU shrank 7.3 per cent year on year as loadable capacity increased 0.8 per cent. But the overall load factor was down 2.6 per cent year on year.
April to June, OOCL handled fewer containers on all major trade lanes, except for intra-Asia/Australasia which posted a slight increase.
OOCL's volumes of transpacific trade in the second quarter were down 8.3 per cent to 298,847 TEU, and revenue fell 6.5 per cent to $482.9 million. Volumes of Asia-Europe route dropped seven per cent to 208,110 TEU, and revenue fell 24.9 per cent to $245.6 million.
Transatlantic volumes were down 2.9 per cent to 102,134 TEU as revenue contracted 6.4 per cent to $157.6 million. Volumes of intra-Asia/Australasia trades were up 1.5 per cent, but revenues fell five per cent to $521.1 million.