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OOIL sails through Covid-19 with Q1 sales up 5.5pc and volume down slightly


ORIENT Overseas International Line (OOIL), the parent company of Orient Overseas Container Line (OOCL) and a subsidiary of Cosco, has announced that first quarter revenue increased by 5.5 per cent to US$1.54 billion, compared to $1.46 billion in the same three-month period in 2019.

The Hong Kong-based company said container volume in the quarter ending March 31, 2020, slipped 0.4 per cent to 1.59 million TEU from 1.61 million TEU in the corresponding period last year.

Despite the coronavirus outbreak, container volume increased on three of its four tradelanes. Liftings on the Trans-Pacific and Asia-Europe services each grew by 2.0 per cent to 449, 790 TEU and 331,675 TEU respectively.

Volume on the Trans-Atlanitc tradelane saw the largest growth of 8.7 per cent to 127,035 TEU, while liftings on the Intra-Asia/Australiasia service were down 4.5 per cent to 689,922 TEU.

Revenue on the Trans-Pacific service remained flat at $558 million, while income from the three other tradelanes grew: Asia-Europe (+7.4 per cent to $327 million; Trans-Atlantic (+6.0 per cent to $149 million and Intra-Asia/Australasia (+10.8 per cent to $505 million).

OOIL said in its statement that loadable capacity decreased by 1.7 per cent, while the overall load factor was 1.1 per cent higher than the same period in 2019. Overall average revenue per TEU increased by 6.0 per cent.

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