[300720.EN.SEA] OOIL Sails Through H1 With Volume Down 2.6pc And Revenue up 3.2pc For OOCL

ORIENT Overseas International Line (OOIL), the parent company of Orient Overseas Container Line (OOCL) and a subsidiary of Cosco, has announced figures for the first half of this year, which show that total volumes carried by OOCL's vessels were down 2.6 per cent year on year to 3.29 million TEU, but its revenues increased 3.2 per cent to US$3.12 billion.

The Hong Kong-based company saw volumes on the Asia to Europe trades decline by 2.3 per cent, from 691,815 TEU in the first half of 2019 to 675,657 TEU in the same period this year. Revenues, however, jumped 8.1 per cent in the trade from $613.23 million to$662.91 million in the same period.

The first half figures released by OOIL give further support to claims by European shippers that the lines are manipulating capacity to drive up rates, reports Container Shipping.

A less pronounced percentage increase in revenues was seen in the company's intra-Asia income with revenues increasing 5.6 per cent to $990.37 million, from the previous year's $937.69 million.

First half volumes on the Transpacific trade decreased 0.3 per cent to 941,316 TEU from 943,691 TEU, with a revenue increase of just 0.1 per cent to $1.181 billion from 2019 income of $1.80 billion.

In what can only be seen as an anomaly the smallest of the four regional trades on the Atlantic saw an less edifying increase of 5.4 per cent in volumes, 253,279 TEU from 240,294 TEU, but the company saw revenue decline 1.9 per cent to $289.16 million from $294.86 million in 2019.

During the second quarter, OOCL transported a total of 1.69 million TEU, a decrease of 4.6 per cent on the 1.77 million TEU carried in the same period last year. However, revenue in the three-month period to the end of June saw an increase of 1.1 per cent from $1.56 billion to $1.58 billion in the same period this year.

Source : HKSG.