OOCL see volumes and revenues soar in Q3 2020
A combination of returning demand, as China successfully emerges from the pandemic, and continuing market discipline determined a 9.5% improvement in box volumes and a 16.3% surge in revenues for Hong Kong’s Orient Overseas Container Line. Revenue for the third quarter was US$1.914bn.
Loadable capacity increased by 5.5%. The overall load factor was 3.1% higher than the same period in 2019. Overall average revenue increased by 6.2% compared to the third quarter of last year.
Of the four main trade lanes that OOCL operates on, the Trans-Atlantic route saw the biggest improvement for liftings with a 22.6% boost to 141,584 teu, up from 114,480 teu in 3Q 2019.
The busiest trade lane, Trans-Pacific was responsible for 586,102 teu, up 11.1% on the same quarter last year.
OOCL weakest performance on Trans-Atlantic trade
The Trans-Pacific trade lane was also responsible for the largest increase in revenue, recording an 18.4% surge to US$825.31m. The weakest route was the Trans-Atlantic, recording income of US$151.62m.
For the first nine months ended 30 September 2020, total volumes increased 1.6% over the same period last year. Loadable capacity decreased by 0.8%.
The overall load factor was 2% higher than the same period in 2019. Overall average revenue per teu increased by 6.2% compared to the same period last year.
©TheHongKongMaritimeHub_MichaelGrinter
photo: Bjoern Wylezich / Shutterstock.com
