Hong Kong-based container carrier Orient Overseas Container Line (OOCL) recorded a 16.9% drop in total revenues in the first six months of 2016 despite improving the volumes carried in the same period by 5.5%, according to an unaudited report released Friday, July 22.
OOCL handled 2,890,208 TEUs in the first six months of 2016, as compared to 2,740,691 TEUs in the first half of 2015. The company’s Asia-Europe service was the only underperformer for the period, marking a 3.6% dip in volumes, while the Trans-Pacific, Trans-Atlantic and the Intra-Asia / Australasia services marked a 14%, 7.7% and 4.5% increases in volumes, respectively.
However, the revenue recorded for the period dropped from USD 2.706 billion in 1H 2015 to USD 2.25 billion in 1H 2016.
The company’s loadable capacity increased by 4.6% in the first half of 2016 and the overall load factor was 0.7% higher than the same period in 2015. However, overall average revenue per TEU decreased by 21.2% compared to the same period last year.
For the second quarter of 2016, ended June 30, 2016, total volumes were 6.6% up from the same period last year, but total revenues decreased by 16.6% to USD 1.136 billion from USD 1.362 billion in Q2 2015.
The company carried 1,516,036 TEUs in the second quarter of 2016, compared to 1,422,408 TEUs handled in the same period in 2015.
Loadable capacity increased by 3% and the overall load factor was 2.9% higher than in the second quarter of 2015. Overall average revenue per teu decreased by 21.8% compared to the second quarter of last year.