Orient Overseas reports: third quarter trans-Pacific route revenue doubled
Ooil's third-quarter operating update showed that the company's revenue for the quarter ended Sept. 30 rose 73.7 percent to $3.06 billion from the same period in 2023. Average revenue per teu increased by 67.6% in the third quarter of 2024 compared to the same period in 2023.
Overall, OOIL's revenue for the first nine months of 2024 was $5.91 billion, up 23.4% from the same period in 2023, with average revenue per teu up 20.3% year on year.
Spot container prices have jumped to their highest level since the pandemic this year as the Cape of Good Hope diverted to avoid Houthi attacks in the Red Sea, absorbing excess capacity, and shippers try to avoid disruptions as the shipping season moves ahead.
The rise in spot prices coincided with the annual contract renewal for trans-Pacific trade. For the third quarter of 2024, OOCL reported a 99.4% increase in Trans-Pacific trade revenue to $1.25 billion compared to the third quarter of 2024. Oocl's revenue in the trans-Pacific region was $2.91 billion in the first nine months of this year, up 51 percent from the same period in 2023.
Regarding the third quarter, the company said that at the same time, total cargo capacity achieved a 3.6 percent increase, while carrying capacity decreased slightly by 1.6 percent. The overall load rate increased by 4.2 percentage points compared to the same period last year, and the overall average revenue per TEU also increased significantly, increasing by 67.6% compared to the third quarter last year.
Sunny Worldwide Logistics has more than 20 years of freight forwarding history,and over half of staffs working in Sunny about 5-13years.Emergency solutions must be offered with 30 minutes if any. You may not find other companies like us in Shenzhen.
