HONG Kong's Orient Overseas Container Line (OOCL), a unit of Cosco, has registered strong gains in the third quarter of the year with total revenues during the July-September period surging 125.3 per cent to US$4.31 billion, compared to the corresponding period of the previous year.
"The record result was achieved despite severe congestion around the network, which drove down liftings by 7.2 per cent and loadable capacity by 7.6 per cent," OOCL said in a statement, adding that the overall load factor was slightly higher by 0.4 per cent over the Q3 of the previous year.
OOCL's total liftings in the third quarter totalled 1.81 million TEU, down from 1.92 million TEU in Q3 2020. However, the overall average revenue per TEU surged 142.7 per cent compared to the Q3 of 2020.
In the first nine months of the year, total revenues recorded an outstanding growth of 114.4 per cent, exceeding $10.8 billion. Total liftings registered a year-on-year growth of 9.6 per cent at 5.74 million TEU. Loadable capacity increased by 5.9 per cent while the overall load factor was 2.9 per cent higher than the same nine-month period in 2020.
The average revenue per TEU for the first nine months of 2021 rose sharply by almost 95.6 per cent, compared to the same period last year.
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