OOCL sees volumes and revenue up in first quarter

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Orient Overseas International Ltd (OOIL) has published the first-quarter operational results for its container line OOCL.

The OOCL quarterly numbers are a traditional ‘first peek’ at the performance of the liner industry ahead of the release of carrier financial results several weeks later.

Volumes were up 7%, compared with Q1 2016, to 1.47m teu; revenues increased by 6.4% to $1.18bn, although the average rate per teu was down marginally.

OOCL recorded an impressive 29% uplift in its revenue between Asia and Europe on a 17.6% hike in its liftings, and although the sector represents only about 19% of the carrier’s total business, the numbers are encouraging for its peers that have a bigger exposure to this hitherto troubled market.