Hong Kong-based carrier Orient Overseas Container Line (OOCL) reported higher volumes in the third quarter of 2016, but this did not arrest overall revenue decline in the same period as revenue per twenty-foot equivalent unit (TEU) fell.
Total volume rose 5.2% to 1.52 million TEUs in the third quarter ended September 30, 2016 compared to the same period last year. Total revenue, however, fell by 13.8% to US$1.15 billion, said the company.
Liftings for all four trade lanes showed growth, with the trans-Pacific posting the biggest expansion of 14.0% in the quarter under review. However, the route also showed the steepest revenue dive of 18.2% as all four trades retreated. Overall average revenue per TEU decreased by 18.1% compared to the third quarter of last year.
Loadable capacity increased by 0.7%. The overall load factor was 3.6% higher than the same period in 2015.
For the first nine months of 2016 (ended 30th September 2016), total volumes increased by 5.4% to 4.41 million TEUs over the same period last year as total revenues recorded a 15.8% drop to $3.40 million.
Except for the Asia-Europe sling which was flat, all lanes registered volume growth, as the trans-Pacific again led with a similar 14.0% growth. But revenue contracted significantly for all four key lanes, led by Asia-Europe with a 22.4% decline. Overall average revenue per TEU decreased by 20.1% compared to the same period last year.
Loadable capacity increased by 3.2%. The overall load factor was 1.7% higher than the same period in 2015.
Photo: Bahnfrend
