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Orient Overseas' revenue narrows to US$1.32 bln in Q1

Apr. 23, 2012 (China Knowledge) - Orient Overseas (International) Ltd<0316>, Hong Kong's main container transporter and logistics service provider, earned US$1.32 billion in total revenue in the first quarter of this year, reflecting a year-on-year decline of 0.9%.

Of the total revenue, US$174 million was derived from shipments in the Atlantic route, up 11.3% from a year earlier, while US$471 million from the Asia-Australia route, up 11.7% year on year, US$219 million from the Asia-Europe route, down 21.2% from a year earlier and US$453 million from the Pacific route, declining 4.4% year on year.

In the three months ended Mar. 31, 2012, the company's shipments totaled 1.25 million twenty-foot equivalent units, or TEUs, up 5.4% from a year earlier.

Shipments grew 18.2% in the Atlantic route, 5.2% in the Asia-Australia route, 3.2% in the Asia-Europe route, and 3.4% in the Pacific route.

The Hong Kong-listed firm's container freight unit Orient Overseas Container Line said it will raise freight rates by US$200 per TEU for shipments in the North Europe-Asia route from May 15.

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