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Revenue Rise for OOCL

Orient Overseas Container Line (OOCL) of Hong Kong has reported a decrease in shipping volumes and an increase in revenue for Q4 of 2017. 

The company's volumes stood at 1,612,733 TEUs, down by 3.3% when compared to this period in 2016. The biggest factor in the decrease were the Intra-Asia / Australasia volumes, which fell by 14.2% to 736,857 TEUs. 

OOCL’s total revenue for the quarter rose by 6% to USD 1.38 billion, mainly due to a 24.3% revenue increase on the Asia / Europe trade. The average revenue per TEU jumped by 9.6 percent.

Looking at the year 2017 as a whole, total volumes increased by 3.6% over the previous year. Total revenues grew 15.4% to USD 5.42 billion.

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Evergreen Marine Sets Aim to Grow

Recently the Taiwan based container shipping company has shared its plans to renew the fleet. There were 5 shipbuilders chosen to manage the project and among them are Samsung and Hyundai Heavy Industries. The tender winner will get an order for building 8 11,000 TEU containerships. The company has already invested USD 800 million and is not going to stop on it. New ships will cost up to USD 100 million each and will replace old ones in fleet. The exact dates of implementing this renewal were not disclosed yet, but Evergreen is going to charter another 12 same size containerships. 

Philadelphia Port Welcomes Its Largest Vessel Ever

MSC Avni called the Port of Philadelphia on January 14, 2018. With its capacity of 11,568 TEU, it is the largest cargo vessel to ever call PhilaPort. 

The ship was built by China’s Jihnhai Intelligent Manufacturing in September 2017 and is managed by Norway’s SinOceanic Shipping. The New Panamax has a length of 314.3 meters and a width of 48.2 meters. 

PhilaPort recorded an increase in containerized and non-containerized freight, as well as cars, in 2017. The facility has added cranes to accommodate large vessels and the container cargo volume is expected to double by the year 2020.

The improvements are part of USD 300 million Port Development Plan, signed in 2016. The public-private agreement will see the terminal operator, Greenwich Terminals, buy one crane and PhilaPort buy three cranes.