HONG KONG: Container line OOCL reported record revenues of $5.29bn in the second quarter of 2022 despite a drop in volumes.
OOCL’s parent company Orient Overseas (International) Ltd (OOIL) reported that revenues for the Container Line were up 52.4% in Q2 2022 on the same period a year earlier.
“This record result was achieved despite severe congestion around the network, which drove down liftings by 5.6% and loadable capacity by 6.1%,” OOIL said.
Revenue per TEU was up 61.5% in Q2 this year compared to the same quarter in 2021 while the load factor was up 0.5%.
For the first half of 2022 total revenues were up 61% year-on-year, while average revenues per TEU were up 74%. The Q2 figures from OOCL underscore that container lines have been able lock in higher rates on long term contracts guaranteeing much higher earnings will continue in 2022.
