OOCL, handling cargos up, revenue down in 3Q

The Board of Directors of Orient Overseas International Limited has adopted a policy of announcing unaudited operational updates for Orient Overseas Container Line (OOCL) on a quarterly basis. This announcement sets out the unaudited operational update for OOCL for the third quarter of 2011 (ended September 30th, 2011).

The comparative figures for the third quarter of 2010 (ended September 30th, 2010) are also disclosed in this announcement.

For the third quarter of 2011, total volumes were 6.6% up on the same period last year. Total revenues decreased by 8.3% to US Dollars 1,440.6 million. With an increase of 13.9% in loadable capacity, the overall load factor was 5.1% lower than the same period in 2010.

Overall average revenue per TEU dropped by 14.0% compared to the third quarter of last year. For the first nine months of 2011 (ended September 30th, 2011), total volumes increased by 8.4% over the same period last year and total revenues recorded a 2.1% increase.

Loadable capacity increased by 16.3%, and the overall load factor was 5.5% lower than the corresponding period in 2010. Overall average revenue per TEU decreased by 5.8% compared to the same period last year. <Korea Shipping Gazette>