News / Q2 volumes and rates fall, but OOCL revenues hit new record in soft market

OOCL Qingdao

Ocean carrier average rates per teu appear to have plateaued in the second quarter, as contract rate increases are negated by tumbling spot rates, which can represent around half of their business.

The first glimpse of how carriers performed in Q2 is provided by the operational results for OOCL: a surge in revenue but a decline in cargo carried, in spite of higher fuel costs.

OOCL’s revenue surged 52.4% on the same period last year to a new high of $5.3bn, despite a ...