OOCL reports bumper earnings as container rates soar

Orient Overseas Container Line (OOCL) has doubled its yearly revenues on 2020 levels, seeing major increases in container freight rates.

The COSCO-owned container line announced that for the fourth quarter ending 31 December 2021, total revenues increased to a record $4.8 billion – 101.4 per cent increase compared to the same period the year prior.

Overall average revenue per TEU for the fourth quarter increased by 142.3 per cent compared to the fourth quarter of 2020, OOCL added.

For the year, total revenues recorded growth of 110.2 per cent despite severe congestion around the network, OOCL wrote.

OOCL saw final revenues of $15.68 billion in 2021, compared with $7.46 billion in 2020. Average revenue per TEU increased by 106.7 per cent in 2021 compared to the same period last year.

The global congestion resulted in total container liftings falling by 16.9 per cent from Q4 2020 to 2021, with Trans-Atlantic voyages seeing liftings drop by a quarter to 112,279 TEU.

For 2021, OOCL’s final throughput figures resulted in 7.59 million TEU – a 1.7% growth on the 7.46 million TEU carried in 2020.

Loadable capacity increased by 0.2 per cent. The overall load factor was 1.3 per cent higher than the same period in 2020.

In November OOCL introduced its new Pacific China South Express (PCSX) service, strengthening its Trans-Pacific network.

The full rotation of the PCSX is as follows: Shanghai (China) – Fuqing (China) – Yantian (China) – Long Beach (USA) – Shanghai.

https://www.porttechnology.org/news/oocl-reports-bumper-earnings-as-container-rates-soar/