Orient Overseas Container Line (OOCL) increased its turnover by 30.2% in 2024 thanks to a strong transpacific business.
The Hong Kong-listed parent company Orient Overseas International Ltd (OOIL) reported revenue growth from US$7.5bn in the previous year to US$9.8bn. Transport volumes, on the other hand, only increased by a rather “meagre” 3.5%.
The higher revenue resulted from the increase in freight rates, particularly in transpacific traffic. In this trade alone, OOCL grew by 53.5% to US$3.9bn compared to US$2.5bn in the previous year.
The company’s results for the fourth quarter were similar: Revenue increased 55% to US$2.5bn, compared to US$1.6bn in the same period last year. During this period, the liner shipping company transported almost two million TEU, an increase of 6.1% compared to the same period last year.
The average total revenue per TEU increased by 46.2% compared to the last three quarters of the previous year. In the fourth quarter, however, the greatest growth was achieved between Asia and Europe. Revenue there rose by 75.4% to US$553.8m compared to US$315.8m in the previous year), with the volume of transport actually falling by -6.5% to 363,125 TEU.
