Orient Overseas Container Line (OOCL) saw its total revenue for the fourth quarter (Q4) of 2018 boom by 13.5% compared to the same time period in 2017, giving it an overall full-year (FY) surge of 9.9%, according to its latest financial results.
The COSCO-owned, Hong Kong-based container shipping line also saw the total number of containers it handled in Q4 2018 increase to 1,715,609, a jump of 6.4% from 2017.
It saw all three of its major routes achieve revenue growth, three of which also enjoyed an increase in TEU handling.
In terms of revenue, Trans-Pacific was by far the strongest performing route as it grew by 26%. Asia/Europe and Trans-Atlantic routes also grew, but only 9.9 and 9.8% respectively. Its Intra-Asia/Australasia route just about scraped its way to growth as it rose by 1.9%.
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All routes’ individual revenue grew, with the Trans-Pacific leading the way with a bounce of 17.9%.
On the TEU side, it was the Asia/Europe route that performed the best, as it grew by 14.4% in Q4 and 14.5% (FY). The Trans-Pacific route jumped by 6.1% in Q4 and 8.9% FY, while the Intra-Asia/Australasia service spiked by 4.6% Q4 and 2.6% FY.
The OOCL Singapore leaving the Port of Antwerp
The Trans-Atlantic route was only one to see its TEU volume dip in Q4, which it did by – 1.6%. Its FY volume also fell, but only by 0.9%.
The figures were published amid continued uncertainty around the state of the global economy and the risks faced by shipping thanks to geopolitical tension between the world’s two largest economies.
OOCL was purchased by COSCO in July 2018 for approximately US $3.6 billion. In doing so, COSCO also acquired the Long Beach Container Terminal (LBCT) in California, US, which it agreed to sell as part a deal struck with US regulators.