For the second quarter of 2022, the total revenue of Orient Overseas Container Line (OOCL) increased by 52.4%, compared to 2021 Q2, reaching US$5.285 billion. This result is a record for the company and was achieved amid severe port congestion around the network, which drove down liftings by 5.6% and loadable capacity by 6.1%. OOCL noted the overall load factor was 0.5% higher than the same period in 2021.
However, the total average revenue per TEU increased by 61.5% compared to the second quarter of 2021 due to significantly higher freight rates. For the first half of the year, the COSCO-owned box carrier company recorded a 61% increase in total revenues, while total liftings decreased by 7.4%, compared to the same period last year.
During the same period, the average revenue per TEU skyrocketed 74%, compared to the first six months of 2021.