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OOCL sees significant revenue growth despite drop in box volumes

For the second quarter of 2022, the total revenue of Orient Overseas Container Line (OOCL) increased by 52.4%, compared to 2021 Q2, reaching US$5.285 billion.

It is noteworthy that this result is a record for the company, and was achieved amid severe port congestion around the network, which drove down liftings by 5.6% and loadable capacity by 6.1%. OOCL noted the overall load factor was 0.5% higher than the same period in 2021.

However, the total average revenue per TEU increased by 61.5% compared to the second quarter of 2021 due to significantly higher freight rates.

For the first half of the year, the COSCO-owned box carrier company recorded a 61% increase in total revenues, while total liftings decreased by 7.4%, compared to the same period last year.

During the same period, the average revenue per TEU skyrocketed 74%, compared to the first six months of 2021.

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