Orient Overseas Container Line (OOCL) achieved double-digit growth in revenue and container volume both in the fourth quarter of 2007, and for the whole year, according to unaudited results.
The strong performance comes despite overall load factors lagging behind capacity growth during both the fourth quarter and full year compared to the previous year.
OOCL posted a 14.8 per cent year on year increase in the volume of containers carried during the fourth quarter ended December 31, amounting to 1,189,709 TEU, compared to 1,035,914 TEU in the fourth quarter of 2006, a statement from parent company Orient Overseas (International) Ltd (OOIL) said.
Intra-Asia/Australasia trade recorded the highest fourth quarter container movement growth of 19.1 per cent, at 562,510 TEU, followed by the Trans-Atlantic trade at 101,650 TEU, up 16.1 per cent year on year; the Trans-Pacific trade at 337,903 TEU, up 15.1 per cent and the Asia/Europe trade at 187,646 TEU, up 2.7 per cent.
Total fourth quarter 2007 revenues rose by 27.0 per cent compared to the same quarter the previous year to US$1.40 billion, up from $1.10 billion a year earlier. Meanwhile, the overall average revenue per TEU in the fourth quarter increased by 10.7 per cent, the OOIL release said.
The carrier's Asia/Europe trade recorded the highest fourth quarter container shipping revenue growth of 49.8 per cent at $346.14 million; followed by the Intra-Asia/Australasia trade at $385.83 million, up 30.4 per cent; the Trans-Atlantic trade at $173.13 million, up 18.4 per cent; and finally the Trans-Pacific trade at $498.40 million, up 15.5 per cent year on year.
OOCL's fourth quarter overall load factor was 6.0 per cent down from last year, in spite of a 23.6 per cent year on year increase in loadable capacity.
For the whole of 2007, container volume grew 18.2 per cent over last year to 4,601,625 TEU. Total revenue was up 21.1 per cent to $5.1 million. The overall load factor was 3.5 per cent lower than in 2006, as loadable capacity during the year rose by 23.4 per cent compared to the previous year. Overall average revenue per TEU grew 2.6 per cent over 2006, the company statement added.
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