OOCL reported profit in 2012 was $297 million, jumping 63 percent from $182 million in 2011.
Yearly revenue was $6.5 billion, up 7 percent from $6.0 billion in the previous year. Revenue per TEU rose 2.9 percent to $1,131.
The container line’s liifting increased 3.7 percent to 5.2 million 20-foot-equivalent units. Operating capacity increased 8.8 percent to 452,246 TEUs.
“While 2012 was a profitable year for the group, the container transportation market continued to be challenging as the industry struggled to absorb substantial new-build vessel capacity while facing ongoing weak demand growth,” said Chee-chen Tung, chairman of OOIL, in a written statement. “The year ahead looks as though it will be as difficult as 2012.”
In 2012, no new vessels were delivered to OOCL and no vessel orders were placed. The carrier purchased one 12-year-old, 5,560-TEU vessel previously under long-term charter and sold two 16-year-old, 5,344-TEU vessels and then time-chartered them back for a three-year period.
“Flexibility in our operating model to be able to adjust capacity to actual demand levels remains a key focus for OOCL in 2013 as we absorb our new 13,200-TEU vessels,” Tung added. These vessels will be delivered in 2013 and 2014, he said.