HONG KONG's Orient Overseas (International) Limited (OOIL), whose principal holding is Orient Overseas Container Line (OOCL), now a Cosco unit, posted at 71 per cent year-on-year increase in revenue to US$5.16 billion.
"This record result was achieved despite severe congestion, which drove down liftings by 9.2 per cent and loadable capacity by 6.5 per cent," said OOIL in a Hong Kong stock exchange filing.
The overall load factor was 2.6 per cent lower than the same period in 2021. Overall average revenue per box increased 88.3 per cent years on year.
In terms of quarterly liftings. the transpacific trade decreased 15.4 per cent in the first quarter year on year to 563,471 TEU while Asia-Europe liftings increased 1.9 per cent to 405,797 TEU. Transatlantic liftings 21.8 per cent to 102,152 TEU while the intra-Asia/ Australasia was down 8 .4 per cent to 811,167 TEU.
But in terms of revenue, the transpacific soared 83 per cent to $1.88 billion, while Asia-Europe yielded a 77.6 per cent increase to $1.52 billion. Transatlantic year-on-year revenue increased 89.2 per cent to $297,836 while the intra-Asia/ Australasia trade was up 49.3 per cent yielding $1.44 billion.