OOCL – profits up, newbuildings down
Hong Kong-based Orient Overseas Container Line (OOCL), which was taken over by Cosco in 2018, handled 7% less containers in H1/2022 than in the same period last year, that is to say 3.65 million teu, down from 3.93 million teu.
The line’s revenues increased by 61% to USD 11 billion (USD 6.99 billion in 2021); its operating profit increased to USD 5,75 billion in H1 (from USD 2.85 billion in 2021). Revenues per teu increased by 74%.
The average price of bunker recorded by OOCL in H1 was USD 729/t, compared to USD 449/t in the corresponding period in 2021. The price increase of 62% in H1 has led to a 46% increase in bunker costs for the first half.
In its media release OOCL said that “no newbuild container vessel was delivered, nor a new order placed by the group, in H1. The twelve 23,000 teu containerships ordered by the group in 2020 are due to be delivered from 2023 onwards, and the ten 16,000 teu units ordered in 2021 will be delivered from Q4/2024 to Q4/2025.” (sh)