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Freight News

OOCL revenues plunge in 2023, amid solid container growth

COSCO-owned Orient Overseas Container Line (OOCL) has seen a huge 49% decrease in its fourth quarter revenues, compared to 2022 Q4, reporting US$1.62 billion.

In the same period, OOCL’s total liftings increased by 7.2% and the loadable capacity increased by 9.1%, while the overall load factor was 1.5% lower than in the same period in 2022. As a result, the overall average revenue per TEU decreased by 52.5% compared to the fourth quarter of last year.

Furthermore, OOCL has announced overall revenues for 2023 of US$7.5 billion, translating to a significant 59.6% year-over-year decline.

The Hong Kong-based ocean carrier moved 7.33 million TEUs in 2023, representing a growth of 2.9% compared to 2022 box volumes. In 2023, the loadable capacity increased by 8%, while the overall load factor was 4% lower than in 2022. Additionally, the average revenue per TEU in 2023 decreased by 60.8% compared to the last year.

Source: Container News

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OOCL’s new mega vessel to enhance Asia-Europe network

Orient Overseas Container Line (OOCL) hosted the naming ceremony of a brand-new 24,188 TEU vessel at the Dalian COSCO KHI Ship Engineering Co., Ltd. (DACKS) shipyard.

The mega container ship is named OOCL Piraeus and becomes the first of six 24,188 TEU boxships ordered by OOCL at DACKS shipyard.

More specifically, OOCL placed an order for a total of twelve 24,188 TEU container vessels in 2020. Of this set of twelve, OOCL Piraeus is the second vessel to be delivered following the delivery of OOCL Spain​ earlier in the year.

The vessel was officially named by FANG Xue Yu, executive vice president of Hisense International Co. in the presence of a number of guests, and OOCL’s partners and customers.

OOCL Piraeus will join OOCL’s Asia-Europe service LL3 in the next month. The port rotation of the aforementioned service is Shanghai – Xiamen – Nansha – Hong Kong – Yantian – Cai Mep – Singapore – Piraeus – Hamburg – Rotterdam – Zeebrugge – Valencia – Piraeus – Abu Dhabi – Singapore – Shanghai.

Teddy FUNG, director of the Trade sector at OOCL, commented, “I would like to especially thank the ship builder DACKS. This mega vessel exemplifies their ingenuity, capability and craftmanship. This series of container ships is an excellent example of the concept of green shipping.”

Source: Container News

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OOCL and Chevron complete first biofuel trial voyage

Orient Overseas Container Line Ltd. (OOCL) has announced the successful completion of the trial use of marine biofuel supplied by the global energy company, Chevron Singapore Pte Ltd. on the 4,578 TEU container ship OOCL Yokohama.

This is the first time that the COSCO-owned box line has trialled the use of biofuel in its fleet.

On 24 June 2022, OOCL Yokohama was fueled with 1999.3 metric tons of B22 marine biofuel provided by Chevron from the Port of Singapore. The 41-day trial voyage commenced on 26 June and ended on 5 August.

Deployed in OOCL’s AAA1 service in the Southeast Asia – Australia network, the vessel started its round trip at Singapore, went southward to call at a number of Australian ports, and then returned to Singapore.

The biofuel supplied by Chevron Singapore was blended with ISCC certified Used Cooking Oil Methyl Ester as a 22% component in the VLSFO. This biofuel can be used on vessels without changing engine specifications and is expected to decrease approximately 15% to 20% of exhausted CO2 based on lifecycle analysis.​

“The success of this trial provides OOCL with certainty as to the feasibility of using sustainable biofuels on its ships, which gives us increased clarity over the next steps in our decarbonization journey,” commented Kenny Ye, chief operating officer at OOCL.

Source: Container News

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