The shipping company Orient Overseas Container Line (OOCL) can look back on a successful year so far. Following the end of the third quarter, revenue has increased significantly.
The shipping company recorded the biggest increase on the routes from Asia to Europe and across the Pacific. OOCL’s total revenue for the third quarter of 2024 increased by 73.7% to US$3.056bn compared to the same period last year, according to a statement. The volume of goods transported increased by 3.6%, while freight capacity decreased by 1.6%. Overall capacity utilisation was 4.2% higher and average revenue per TEU increased by 67.7% compared to the third quarter of 2023.
Looking at the first nine months to 30 September 2024, the shipping company’s revenue increased by 23.4% and the total volume of goods transported rose by 2.6%. Freight capacity fell by 1%, while overall capacity utilisation was 3% higher than in the same period of the previous year. Revenue per TEU increased by a fifth compared to 2023.
OOCL makes significant gains in the Asian region
The largest volume of containers was shipped within Asia and to Australia: at around 922,000 TEU, the value increased by around 5% compared to the previous year. OOCL also recorded strong growth of 15.6% in transpacific traffic, which increased to 552,000 TEU. As in the previous year, freight between Asia and Europe (-12%) and across the Atlantic (-5.5%) fell slightly.
However, the lower container volume was offset by significantly higher revenue. The company doubled its profits between Asia and Europe to a good US$777m, and even to US$1.2bn on routes across the Pacific. In the intra-Asian region and to Australia, profits rose by around 50% to US$880m, while profits in the transatlantic business fell by a further 10% to US$144m compared to the same period in 2023.
