Orient Overseas Container Line Limited (OOCL) has released promising unaudited financial results for the second quarter ended 30 June 2022, posting total revenues of $5.2 billion.
Compared to the same period in 2021, total revenues increased by 52.4 per cent in spite 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.
The overall load factor was 0.5 per cent higher than the same period in 2021, whilst overall average revenue per TEU increased by 61.5 per cent compared to the second quarter of last year.
OOCL has also reported that total revenues in the first six months of 2022 recorded a growth of 61 per cent and total liftings decreased by 7.4 per cent over the same period last year.
Loadable capacity decreased by 6.3 per cent, and overall load factor was 1.1 per cent lower than the same period in 2021.
Average revenue per TEU increased by 74 per cent year-on-year.
The COSCO-owned shipping line saw its income for the period soar to $5.16 billion, primarily driven by severe congestion around the network, which also drove down liftings by 9.2 per cent and loadable capacity by 6.5 per cent.