Orient Overseas International Limited (OOIL), parent company of Chinese-container shipping line OOCL, has said its TEU volume increased by 9.5% year-on-year (YoY) in the third quarter of 2020, as it became the latest major carrier to report positive earnings despite the COVID-19 pandemic.
Furthermore, its revenue also increased by 16.3% to $1.9 billion YoY and January-September volume also increased by 1.6%. It enjoyed volume growth across all its services, but saw the biggest increase on the Trans-Atlantic segment, where TEU liftings rose by 22.6%.
The second largest growth area was Trans-Pacific, which grew by 11.1%, the third Intra-Asia/Australasia which jumped by 7.6% and finally Asia/Europe, which saw relatively modest growth of 6.9%.
The carrier also saw growth in loadable capacity of 5.5% and overall average revenue per TEU of 6.2%.
It has become the latest carrier to report a strong financial performance in the wake of uncertainty caused by the COVID-19 pandemic.
A number of the largest carriers in the world have seen an increase in profits during the COVID-19 pandemic as freight rates have increased and the price of bunker fuel has dropped, even if volumes have largely fallen and blank sailings increased. These include CMA CGM, Maersk and Hapag-Lloyd.
China has resumed exporting after its factories were closed during the height of the pandemic outbreak, a factor which will have benefitted OOIL.