Revenue surge for OOCL, COSCO Shipping Holdings

Orient Overseas Container Line (OOCL), a subsidiary of COSCO Shipping Holdings, recorded a 73.7% year-on-year increase in revenue for the third quarter of 2024, amounting to US$3.06 billion. Total liftings rose by 3.6%, while loadable capacity declined by 1.6%. The overall load factor improved by 4.2% compared to the same period last year.

The increase in revenue was supported by a 67.6% rise in average revenue per TEU. Regionally, Trans-Pacific revenues increased by 99.4%, and Asia-Europe revenues rose by 106.6%, despite a 12% drop in liftings. Intra-Asia/Australasia services experienced a 48.2% revenue increase alongside a 5.3% rise in liftings, while Trans-Atlantic revenues fell by 10.4%, with liftings down 5.5%.

For the first nine months of 2024, OOCL reported a 23.4% increase in revenue, and total liftings grew by 2.6% compared to the same period last year. Average revenue per TEU increased by 20.3%.

COSCO Shipping Holdings anticipates continued growth for the first three quarters of 2024, forecasting an EBIT of approximately RMB 54.41b (US$ 7.7 billion) and a net profit of around RMB 43.340 b (US$6b), marking increases of 63.72% and 66.67% year-on-year, respectively. This expected growth is attributed to moderate increases in market cargo volumes and the ongoing impact of the Red Sea situation on shipping capacity. In the third quarter, COSCO SHIPPING expects EBIT to reach about RMB 29.758 billion, influenced by demand during the peak season for Euro-American mainline markets.