OOCL reported quarterly revenue of US$4.3 billion in the third quarter of 2021. This is an increase of 125.3% compared with Q3 2020.

In a statement to the Stock Exchange of Hong Kong, the company said the “record result was achieved despite severe congestion around the network, which drove down liftings by 7.2% and loadable capacity by 7.6%”.

Only the Asia-Europe routes saw an increase in liftings in Q3 2021 – going up 6.1% to 415,180 TEU. The trans-Pacific and intra-Asia/Australasia routes saw decreases in liftings (down 16.4% and 4.6%, respectively). The largest decrease was the trans-Atlantic trade, decreasing 20.3% to 112,814 TEU.

But revenue for all routes increased in Q3 2021, compared with the same quarter last year. The largest increase was the Asia-Europe routes, posting an increase of 233.6% to US$1.3 billion.

The company said the overall average revenue per TEU increased by 142.7% compared with Q3 2020.

Zooming out to the nine months ended 30 September 2021, total revenue grew by 114.4% to US$10.8 billion compared with the same period last year. Liftings for the period increased by 9.6% to 5.7 million TEU.