News / Carriers have weathered the Covid storm, suggests OOCL trading update

ID 112434524 © Péter Gudella | Dreamstime.com

OOCL carried fewer boxes but improved its revenue in the second quarter, providing the industry with some hard evidence that ocean carriers successfully managed the demand turbulence of the pandemic.

The Cosco subsidiary saw liftings decline 4.6% in the quarter, compared with the same period of the previous year, to 1,688,055 teu. However, turnover was up 1.1% to $1.58bn.

The operational data released by OOIL is a useful bellwether for the upcoming carrier results season and suggests that, despite the impact of Covid-19 ...