Orient Overseas (International) (0316) reported a second-quarter revenue increase of 14.4 percent to US$2.26 billion (HK$17.6 billion) from a year ago due to a surge in income per container amid freight disruptions in the Red Sea region, reports The Standard.
The April-June period saw the average revenue per twenty-foot equivalent unit or TEU rise by 13.4 percent compared with a year earlier.
However, the Hong Kong-based shipping giant said total lifting only edged up by 0.9 percent and loadable capacity shrank by 3.4 percent.
For the first half, total revenues grew 2.2 percent year-on-year with the average income per TEU about same as that of the comparable period last year.
Since the Red Sea crisis began last November, commercial ships have been forced to opt for longer journeys around the Cape of Good Hope, which leads to longer shipping time and higher freight rates.
Orient Overseas’ revenue from trans-Pacific lines rose 42 percent in the second quarter and 27.5 percent in the first half from a year ago.
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Source: The Standard
