Lower rates on Asia-Europe and trans-Pacific routes and a two per cent decline in volume has seen Orient Overseas Container Line’s fourth quarter revenue fall by 11.2 per cent.
According to a report in the Journal of Commerce, average revenue per 20ft-Equivalent Unit (TEU) for the Hong Kong-based carrier dropped 9.4 per cent, bringing fourth quarter revenue down to US$1.35bn.
For the full year the carrier’s revenue has fallen by 1.5 per cent to US$5.5bn, the report stated. This came despite a 5.6 per cent increase in volume, while average revenue per TEU over the year fell by 6.7 per cent.
Rates on Asia-Europe routes fell 29.2 per cent in the fourth quarter and those on trans-Pacific routes fell 15.9 per cent during the period, the report stated.
Bucking this trend, however, rates on intra-Asia and Australasia trades in the fourth quarter posted gains of 1.8 per cent and 11.3 per cent for the year.
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