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Second-quarter revenues hit record US$5.29 billion, up 52.4% from a year ago
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Hong Kong-based OOCL undeterred by severe congestion in its network that drove down lifting by 5,6% and loadable capacity by 6.1%
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Average revenue per TEU soared 74.0% compared with a year ago
Orient Overseas Container Line overcame severe port congestions in the second quarter ended June 30 to post record revenues of US$5.29 billion, a 52.4% surge from US$3.47 billion in the same period last year.
OOCL’s parent, Orient Overseas International Ltd, announced the unaudited results in a disclosure to the Hong Kong Stock Exchange on July 6. OOCL, headquartered in Hong Kong, is one of the world’s 20 largest container shipping companies.
“This record result was achieved despite severe congestion around the network, which drove down liftings by 5.6% and loadable capacity by 6.1%,” said OOIL company secretary Xiao Junguang.
Xiao said the overall load factor was 0.5% higher than during the same period in 2021. Overall average revenue per TEU increased 61.5% compared with the second quarter of last year.
For the first six months ended June 30, 2022, OOCL’s total revenues jumped 61% and total liftings decreased 7.4% compared with the same period last year.
Loadable capacity fell 6.3%. The overall load factor was 1.1% lower than during the same period in 2021. Average revenue per TEU soared 74.0% compared with the same period last year.
“The board wishes to remind investors that this operational update for the second quarter ended 30th June 2022 is based on the group’s internal records and management accounts, and has not been reviewed or audited by the auditor,” Xiao warned.
He cautioned investors not to rely unduly on the operational update for the second quarter and advised them to exercise caution in dealing in the shares of the company.
On April 19, OOIL reported OOCL’s unaudited revenues for the first quarter ended March 31, 2022, soared 71% year on year to a record US$5.16 billion despite severe congestion around the network, which drove down liftings by 9.2% and loadable capacity by 6.5%.
The overall load factor was 2.6% lower than the same period in 2021. Overall average revenue per TEU increased 88.3% compared to the first quarter of last year.
