Orient Overseas Container Line (OOCL), the world's seventh largest ocean carrier line, has reported an upturn in its operations since its parent company announced its worst full year results since 2009.
The first quarter of 2017 has seen total volumes increase by 7% from the same period last year and total revenues have gone up by 6.4% to US$ 1.185 billion.
However, overall average revenue per TEU decreased by 0.6% compared to the first quarter of last year.
In March this year, Orient Overseas (International) Limited (OOIL), the Hong Kong-listed parent of carrier line OOCL, reported a loss for 2016 of $219.2 million against a profit of US$283.9 million in 2015.
But this year may prove to be a stepping stone towards recovery for the group as OOCL reported a 28.9% increase in revenue for its Asia to Europe services and a total increase of 6.4% for all services.
Its largest drop in service trade came from the Trans-Atlantic with a 10.9% decrease.
OOCL is part of the Ocean Alliance, which launched on April 1, 2017.
The Chairman of OOIL, C C Tung, stated after its 2016 results, just before the alliance launch, that the company would continue to build its future on “the twin pillars of alliance membership and the efficient operation of the most appropriate vessels for each trade lane”.
However, any benefits of joining alliances may be under threat if carriers don't improve performance.
