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OOIL suffers TEU slump in the second quarter of 2020

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Orient Overseas International Limited (OOIL) suffered a year-on-year (YoY) 4.6% decline in TEU volume in the second quarter of 2020 as the COVID-19 pandemic continues to hurt operations.

In a statement, OOIL, a subsidiary of COSCO Shipping and parent company of Orient Overseas Container Line (OOCL), said volume for the first six months of the year also decreased by 2.6% YoY.

However revenues for the second quarter and first half of the year increased by 1.1% and 3.2% respectively.

The only region to see a YoY increase in TEU volume in the second quarter was Trans-Atlantic, which increased by 2.2%. Intra-Asia/Australasia was the worst performing region with a decline of 6.4%, followed by Asia/Europe, which fell by 6.2%. Trans-Pacific fell by just 2.2%.

For the first half of 2020 Trans-Atlantic was again the best performing region as it jumped by 5.4% and Intra-Asia/Australasia was again the worst performer with a decline of 5.4%.

The fortunes of OOIL’s regions were flipped when measured by revenue and Trans-Atlantic was the only one to report a loss for the second quarter – 9.2% – and first half of 2020 – 1.9%.

Asia/Europe was the best performing region with increases of 8.8% for the second quarter and 8.1% for the second quarter and first half of the year.

Intra-Asia/Australasia rose by 0.7% for the second quarter and 5.6% for the first half of the year, and Trans-Pacific rose by 0.2% and 0.1%. The carrier’s overall revenue for the second quarter rose by 1.1% and 3,2% for the first half of 2020.

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