Hong Kong-based shipping company Orient Overseas (International)is sliding nearly 5% to hit a low of HK$100 per share after it posted a 62% year-on-year drop in revenue for the first nine months of the year to $5.9 billion.
The overall load factor fell 4.8% from a year ago although total liftings increased by 1.5% and the loadable capacity rose by 7.6%. Average revenue per twenty-foot equivalent unit slumped by 62.4%.
For the third quarter alone, revenue fell 65% to $1.76 billion from a year ago. Total liftings and loadable capacity rose by 6.7% and 13.6%, but the overall load factor fell 5.1%. The average revenue per TEU plunged by 67.3%.
Specifically, liftings on the trans-Pacific route surged 13.8% in the quarter, the most among all routes, while the intra-Asia/Australasia was the largest route in terms of liftings, which rose 5.5%. In revenue terms, the trans-Pacific route earned the most in the quarter, with revenue of $629 million despite a 67.1% drop, while the Asia/Europe route’s revenue fell the most by 71%.