Hong Kong-based Orient Overseas Container Line (OOCL) witnessed a surge in its yearly revenue mainly due to its Trans-Pacific service.
Namely, the company’s revenue in 2018 increased by 9.9 percent to USD 5.96 billion for all services, compared to USD 5.42 billion reported in the previous year. The rise was driven by OOCL’s revenue in the Trans-Pacific service, which was up by 17.9 percent during the year.
The company’s Asia/Europe service saw a revenue rise of 7.7 percent year-over-year, while the Trans-Atlantic and Intra-Asia/Australasia revenues increased by 3.9 and 3.7 percent, respectively.
On a quarterly basis, total revenues jumped by 13.5 percent to USD 1.56 billion from USD 1.38 billion seen in the fourth quarter of 2017. Revenues in the Trans-Pacific were up by 26 percent, Asia/Europe and Trans-Atlantic contributed with a rise of 9.9 and 9.8 percent, respectively, while Intra-Asia/Australasia revenues marked a slight increase of 1.9 percent.
Total volumes in 2018 expanded by 6.3 percent to 6.69 million TEU, compared to 6.29 million TEU reported a year earlier. The increase was mainly driven by the Asia/Europe volumes, which were up by 14.5 percent. The Trans-Pacific service handled 8.9 percent more volumes, while Intra-Asia/Australasia volumes increased by 2.6 percent. Trans-Atlantic volumes deflated by 0.9 percent in 2018.
For the full year of 2018, loadable capacity increased by 7.4 percent, while the overall load factor was 0.8 percent lower than the same period in 2017. Overall average revenue per TEU increased by 3.4 percent compared to 2017.
During the fourth quarter of 2018, total volumes increased by 6.4 percent to 1.71 million TEU, compared to 1.61 million TEU reported in the same period in 2017.
OOCL informed that loadable capacity increased by 6.1 percent, while the overall load factor was 0.2 percent higher than in the same period in 2017. Overall average revenue per TEU increased by 6.7 percent compared to the fourth quarter of the previous year.