OOCL quarterly revenues up 15.4pc on of greater yield per box

    Hong Kong's Orient Overseas Container Line (OOCL) posted a 15.4 per cent year-on-year increase in revenues in the fourth quarter thanks to greater yield per box, up 3.6 per cent.

    OOCL continues as an independent company, though it was expected to merge with Chinese state-run conglomerate Cosco Shipping by the end of last year - 2017.

    Despite a quarterly 3.3 per cent year-on-year decline in volume to 1.61 million TEU, OOCL liner revenue jumped six per cent to US$1.38 billion.

    The steady growth helped the company grow its full-year 2017 revenues 15.4 per cent to $5.43 billion, according to its most recent unaudited financial statements.

    OOCL's loadable vessel capacity, meanwhile, increased one per cent year on year during the fourth quarter and 5.1 per cent for the year, according to Hong Kong stock exchange filing.

    The carrier saw the strongest volumes growth in the Asia-Europe trade lane, where quarterly loadings were up 11 per cent and 19.7 per cent for the year.

    Transpacific fourth quarter volumes were up 7.5 per cent and 16.3 per cent for the year while transatlantic volumes were up 54 per cent for the quarter and 8.7 per cent for the year.

    But intra-Asia and Australasia trade slipped 14.2 per cent during the fourth quarter and 8.1 per cent for the year.

    Cosco Shipping Lines has taken delivery of its first 20,000-TEU mega ship built by Nantong Cosco KHI Ship Engineering Co (NACKS), a Cosco affiliate.

     The Cosco Shipping Aries is the largest containership delivered by a Chinese yard. Known as a Sea Castle its deck area is larger than four football pitches.

     The vessel is fitted with an intelligent energy efficiency system that lowers fuel consumption, and an LNG system is reserved on board for the future conversion of large-capacity LNG bunker serving in specific routes, said the Cosco statement.

     The newbuild will be deployed on the trade between the Far East and Europe, calling at Piraeus, Rotterdam and Hamburg, as well as ports in China and southeast Asia.

     Via the Greek port of Piraeus, the route can be linked with Turkey, the Adriatic Sea, the Black Sea, the eastern Mediterranean and north Africa.

Asia-Europe rate rise 1.8pc to US$907/TEU, up 1.5pc to USWC

     Spot rates for shipping containers from Asia to northern Europe in the week ending Friday increased 1.8 per cent to US$907 per TEU, according to the Shanghai Containerised Freight Index (SCFI).

    Asia-Mediterranean trade increased 1.4 per cent to $772 per TEU, London's Loadstar reported.

    Asia to the US west coast rose 1.5 per cent week-to-week to $1,457 per FEU while those to the east coast declined 1.1 per cent to $2,761 per FEU.

(Source:HKSG-GROUP)

Asia Pacific Shipping