Orient Overseas International Limited (OOIL) has become the latest container shipping line to see a substantial boom in operations after its volume and revenue increased by 23.8% and 96% year-on-year (YoY) respectively in Q1 2021.
The COSCO-owned carrier said its operations in the Asia/Europe region saw the biggest growth in revenue, as it spiked by 162.6%. Intra-Australasia increased by 91.6% and Trans-Pacific by 84.9%.
As for TEU volume, the biggest driver of growth was the Intra-Australasia, where the YoY figures moved by 28.4% and Trans-Pacific by 25.3%, with the Asia/Europe region increasing by 20.1%. The carrier’s Trans-Atlantic volume and revenue grew by 2.8% and 5.6% YoY respectively.
The news follows the carrier’s performance at the end of 2020, when its volume increased by 23.7% in Q4 and 7.3% YoY. Numerous carriers’ volumes and revenues have increased substantially since the outbreak of the COVID-19 pandemic benefitting from low oil prices and high freight rates.
Increasing consumer demand has meant container traffic on the world’s busiest shipping lanes has continued to increase and this has caused congestion at many major ports.
According to Drewry Shipping Consultants the boom is expected to continue for at least another two years as said consumer demand continues, along with the rise in freight rates.