OOCL announces revenue decrease of 42% for the second quarter

For the second quarter of 2009 (ended 30 June 2009), total volumes were 18.7% down on the same period last year. Total revenues decreased by 42.6% to US Dollars 869.6 million. With an 8% decrease in loadable capacity, the overall load factor was 9.5% lower than the same period in 2008. Overall average revenue per teu decreased by 29.4% compared to the second quarter of last year.
For the first six months of 2009 (ended 30 June 2009), total volumes decreased by 17.2% over the same period last year and total revenues recorded a 37.2% decrease. Loadable capacity decreased by 4.7%, and the overall load factor was 10.5% lower than the corresponding period in 2008. Overall average revenue per teu decreased by 24.1% compared to the same period last year.
The difficult trading conditions that saw substantial declines in volumes and freight rates in the first quarter of 2009 have continued in the second quarter of the year. While there is potential for retailers in Europe and the United States to restock in the third quarter ahead of the festive season, the Company expects container shipping volumes and rates to remain weak in the second half of the year.

Source: Port News