Home » Breaking News, Maritime » OOCL logs higher volumes but lower revenue, sets Europe-Asia rate hike

OOCLOrient Overseas Container Line (OOCL) reported a 10 percent hike in container volumes to 1.39 million TEUs (20-foot-equivalent units) in the fourth quarter of 2013, but a revenue fall of 1.6 percent to US$1.401 billion.

The Hong Kong box shipping line’s overall average revenue per TEU dropped by 10.5 percent compared to the fourth quarter of last year. Loadable capacity increased by 2.9 percent, while the overall load factor was 4.9 percent higher than for the same period in 2012.

For full-year 2013, container traffic increased by 1.5 percent year-over-year to 5.29 million TEUs, but total revenues dropped by 4.9 percent to $5.6 billion.

Overall average revenue per TEU decreased by 6.3 percent in FY 2013 compared to the same period last year. The overall load factor was the same as the corresponding period in 2012.

By region, intra-Asia/Australasia posted the most liftings for the fourth quarter of last year with 767,880 TEUs, up 15.7 percent year-over year, with a 2 percent hike in revenue to $530.65 million. This was followed by Asia-Europe with 220,429 TEUs for a 1.7 percent hike, then trans-Pacific, and trans-Atlantic. All regions registered throughput increases in the fourth quarter, but only intra-Asia/Australasia registered a revenue increase.

For whole-year 2013, intra-Asia/Australasia posted freight volumes of 2.8 million TEUs, a 5.6 percent increase over FY 2012, but saw a decrease in revenue of 2.1 percent to $2.04 billion. All the other regions posted decreases in both tonnage carried and revenues from the preceding year.

Meanwhile, OOCL plans to impose a general rate increase (GRI) on all cargo loading on the Europe-Asia trade lane effective March 1, 2014.

“Currently, ocean freight rates continue to be below the required level to cover basic operating costs or transportation costs on our Eastbound Europe to Asia Trade,” a company statement explained.

The GRI is US$200 per 20-foot container and $300 per 40-foot container for shipments from North Europe, Scandinavia, Russia, UK/Eire to Asia.

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