Ocean carrier Orient Overseas Container Line (OOCL) reported a decline in overall freight volume in the second quarter and first half of this year, but saw revenue grow during the same periods.
OOCL in a statement said total volumes for the second quarter ended June 30, 2020 were 4.6% down from the same period last year. Total revenues, however, increased by 1.1% to US$1.58 billion. Overall average revenue per twenty foot equivalent unit (TEU) increased by 5.9% compared to the second quarter of last year.
By trade lane, all but the trans-Atlantic route saw volumes fall from April to June 2020 compared to the same period last year. The trans-Atlantic grew 2.2% while intra-Asia/Australasia traffic decreased by 6.4%, Asia/Europe by 6.2%, and trans-Pacific by 2.2%.
In terms of revenue, however, trans-Atlantic figures dropped 9.2% in the second quarter as against the same period in 2019. The biggest gainer was Asia/Europe with an 8.8% growth, followed by intra-Asia/Australasia (0.7%) and trans-Pacific (0.2%).
For the first six months, total volumes decreased by 2.6% from the same period last year, and total revenues recorded a 3.2% growth. Overall average revenue per TEU increased by 6.0% compared to the same period last year.
In terms of traffic by trade lane, the trans-Atlantic expanded by 5.4% in the first half year-on-year, while the other three racked up declines: intra-Asia/Australasia liftings were down 5.5% in January-June 2020 compared to the first half of 2019, Asia/Europe fell 2.3%, and trans-Pacific dipped 0.3%.
Revenue for the trans-Atlantic loop slid back by 1.9% though, and the rest posted increases: 8.1% growth for Asia/Europe, 5.6% intra-Asia/Australasia, and 0.1% for trans-Pacific.
Photo courtesy of OOCL
