OOCL hits $5 billion revenue mark despite container volume dip

Orient Overseas Container Line (OOCL) has announced unaudited operational results for the third quarter of this year, posting strong growth amid liftings downturns.

For the third quarter ended 30 September, total revenues increased by 16.9 per cent to over $5 billion.

Total liftings and loadable capacity decreased by 3.4 per cent and 1.8 per cent respectively, with an overall load factor down 1.4 per cent year-on-year.

Overall average revenue per TEU increased by 21.1 per cent compared to the third quarter of last year.

For the calendar year so far, OOCL recorded a growth of 43.4 per cent in total revenues, up to nearly $15.5 billion, whilst total liftings decreased by 6.2 per cent over the same period last year.

Average revenue per TEU increased by 52.9 per cent year-on-year.

READ: OOCL completes boxship trial voyage with Chevron biofuel

In July, OOCL released promising unaudited financial results for the second quarter, posting total revenues of $5.2 billion.

Compared to the same period in 2021, total revenues increased by 52.4 per cent in the midst of severe congestion around the network, which drove down liftings by 5.6 per cent and loadable capacity by 6.1 per cent according to the company.