OOCL released its first quarter operational update showing an overall increase of 58.3% in its average revenue among all trades, says an article published in The Loadstar.
Revenue growth in different trade headquarters of Hong-Kong
The Hong Kong-headquartered line had seen spectacular increases on its transpacific, Asia-Europe and intra-Asia trades.
The intra-Asia, including Asia-Oceania services, saw liftings grow 28.4%, to 855,901 teu, and revenue grew 91.6%, to $968.7m. The first-quarter effects of the pandemic were most noticeable in Asia, due to widespread factory shutdowns in China as the country struggled to contain the rate of infections.
However, the transpacific remained its largest earner: revenues in the quarter rose 84.9%, to just over $1bn, while volumes increased 25.3%, to 563,71 teu.
Maritime Strategies International’s market analysis
Its monthly market analysis says, “We expect rates, especially on the transpacific, to remain robust in the coming months as consumer confidence remains buoyant amid optimism in the job market and strengthening of the economy. Cargo demand will remain elevated as American consumers draw down on federal stimulus payment and retailers continue to replenish depleted inventories. And while there is little clarity on when the supply side tightness will unwind, our expectation remains that rate relief will not come any time before the third quarter.”
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Source: TheLoadstar
