Orient Overseas Container Line reported third quarter revenue soared 65.5 percent from a year ago to $1.57 billion driven by sharply higher cargo volume and freight rates across its global network. The company did not disclose profit figures.
Hong Kong based OOCL's cargo volume rose 16 percent to 1.24 million 20-foot equivalent units in the three months to Sept. 30, and overall average revenue per TEU jumped 42.6 percent from the same period in 2009.
OOCL increased capacity 10.4 percent, and the load factor was 3.9 percent higher than a year ago, the carrier said in a quarterly operational update.
OOCL is No. 12 on the JOC list of Top 15 Container Fleet Operators with a 2.5 percent market share.
The Asia-Europe trade registered the biggest gains with revenue surging 103.5 percent to $354.1 million on a 21.9 percent increase in traffic to 206,089 TEUs.
Trans-Pacific revenue grew 69.2 percent to $600.3 million, and traffic climbed 10.1 percent to 322,446 TEUs.
Trans-Atlantic revenue jumped 27.5 percent to $148.5 million even as traffic shrunk 3.4 percent to 86,268 TEUs.
Revenue in the first nine months was 47.8 percent higher at $4.1 billion on a 13.1 percent increase in traffic to 3.464 million TEUs.
Average revenue per TEU increased 30.7 percent in the first three quarters and the overall load factor was 10.2 percent higher than in the same period in 2009 on a 1.1 percent reduction in capacity.
The Journal of Commerce Online
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