Orient Overseas International Limited (OOIL) handled 23.7% more TEU in the fourth quarter of 2020 than it did in, as its annual increased by 7.3% year-on-year (YoY).
The carrier saw double-digit YoY growth in all regions in the fourth quarter, with only Asia/Europe rising by less than 20%.
Trade on its Trans-Pacific route accounted for most of the growth and jumped by 28.9%; Trans-Atlantic and Intra-Asia/Australasia regions rose by 22.8% and 23.5% respectively. Asia/Europe increased by 17.6%.
The Trans-Atlantic region saw the biggest rise in 2020 as a whole and grew by 14%. Trans-Pacific was the second-best performing area and increased by 10.2%, with Asia/Europe and Intra-Asia/Australasia by 5.5% and 5.1% respectively.
The carrier’s revenue also rose by 51.2% in the fourth quarter and 18.9% in the year of 2020.
OOIL is the latest carrier to have enjoyed positive financial results throughout the COVID-19 pandemic.
Throughout 2020 carriers benefitted from high freight rates and lower fuel costs, caused by the fall oil.
After a 5 million TEU (7.3%) drop in volumes in the first five months of the year, volumes were down by only 1.7% – a loss of 2.6 million TEU – by the end of November.