OOCL banks $10 billion profit despite container volume drop

An OOCL (Orient Overseas Container Line) container ship loaded in Shanghai Yangshan Port

The parent firm of Orient Overseas Container Line (OOCL), Orient Overseas (International) Ltd, has released the full-year results for 2022, announcing revenue of $19.82 billion.

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) reached $10.95 billion, while the company’s EBIT increased to $10 billion.

Operating profits came at $10 billion for the full year.

Turning to container volumes, OOCL handled 7.1 million TEU in 2022, a drop of almost 450,000 TEU from 2021 numbers.

This represents an almost 6 per cent year-on-year decline.

OOCL said supply increase will be created through the delivery of new ships in 2023 and 2024 – this could delay any improvement in the container shipping markets, even if the economic situation is more benign than anticipated.

The shipping company also ordered seven 24,000 TEU dual fuel vessels for delivery in 2026 to 2028.

READ: OOCL introduces its first 24,000 TEU boxship

The company said in a statement: “For much of the first half of the year, the container shipping market endured the same conditions through which it had been persevering for the previous 18 months, with effective levels of supply being under immense pressure at the same time as demand continued to grow, albeit moderately.”

Earlier this month, Global Shipping Business Network (GSBN) announced a collaboration with COSCO Shipping Lines (COSCO), Orient Overseas Container Line (OOCL), and the Shanghai Research Institute of Chemical Industry Testing Co., Ltd (SICIT) in harnessing blockchain technology.

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