OOCL Q3 Revenue Up 125% to $4.3 Billion

A 125% year-over-year revenue hike certainly warrants a bold headline, but that's not Orient Overseas Container Line's style. 

Parent company Orient Overseas (International) Ltd. provided a two-paragraph summary of its third quarter, which ended Sept. 30 up 125.3% compared to the same period in 2020 at $4.3 billion in total revenue.

"This record result was achieved despite severe congestion around the network, which drove down liftings by 7.2% and loadable capacity by 7.6%," OOCL said. "The overall load factor was 0.4% higher than the same period in 2020. The overall average revenue per TEU increased by 142.7% compared to the third quarter of last year."

For Q3 2020, OOCL had reported a 16.3% revenue increase to $1.91 billion. 

The Hong Kong-based ocean carrier said for the first nine months of 2021, total revenue increased 114.4% and liftings rose 9.6% compared to the same period last year. The average revenue per twenty-foot equivalent unit was up 95.6% year-over-year.

OOCL did not share earnings before interest, taxes, depreciation, and amortization for Q3 2021.

Hapag-Lloyd is among the ocean carriers gearing up for the release of third-quarter financial reports. The German ocean shipping line will release its Q3 financials on Nov. 12. CEO Rolf Habben Jansen said recently he expects Hapag-Lloyd's earnings to "remain strong" in the second half of 2021. 

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