OOCL first quarter volume increases 7.5pc as revenues surge 16 pc

HONG KONG's Orient Overseas Container Line (OOCL) posted a year-on-year 16.3 per cent increase in first quarter revenues to US$1.38 billion on the back of a 7.5 pc spike in total container volume to 1.58 million TEU.

The first quarter's loadable capacity was up 16 per cent, but the overall load factor was 6.4 per cent lower than the same period in 2017, said the company statement, adding that overall average revenue per TEU rose 8.3 per cent.

In the January-March period, the carrier handled more volume in the transpacific, Asia-Europe and transatlantic trades year on year.

OOCL's volumes of trans-pacific trade in the first quarter surged 16.3 per cent to 457,461 TEU, drawn on 19.2 per cent hike in revenues to $528.9 million.

Volumes of Asia-Europe route rose 20.5 per cent to 302,679 TEU, while the relative revenues saw a 23.8 per cent increase to $281.3 million. Volume and revenues of the transatlantic service increased 2.2 per cent and 1.9 per cent respectively to 103,048 TEU and $120.9 million.

But the carrier's intra-Asia/Australasia service in the first quarter suffered a slight shrinkage of 1.1 per cent to 716,390 TEU compared to the same period of 2017. However, revenues rose by 13.0 per cent to $447.3 million.