OOIL Q3 2009 volumes down 16.7%

Total revenues declined even more, by 42.3% to US$948.9m from US$1.645bn in Q3 2007. Revenue per teu decreased 30.7% compared to last year. For the first nine months of 2009, the carrier recorded losses of 17.1% in container volume, 39% in total revenues and 26.5% in average revenue per teu.

To counter what it says are unsustainably low ocean freight charges, OCCL has decided to implement phase two of its “rate restoration program.” Effective January 1, 2010, the rates it charges for cargo transiting ports of Canada, the US East Coast, the US Gulf and Mexico, will be increased by US$320 per 20ft andUS$400 per 40ft container. Rates for cargo transiting ports on the US West Coast will be increased by US$480 per 20ft and US$600 per 40ft container.

The carrier says higher charges are needed “to maintain a viable service level and a comprehensive liner network for all of our customers.”