The startling recovery in containership markets has been underlined by a positive third quarter update from Hong Kong container line OOCL.
For the third quarter ended 30 September, the Cosco-controlled company said total volumes were 1.95m teu. That's a 9.5% increase from the same period last year, despite disruption caused by the coronavirus pandemic.
Transatlantic trade was up 22.6%, with transpacific growth at 11%.
Revenue rose 16.3% to $1.9bn, with loadable capacity increasing 5.5%.
OOCL said the overall load factor was 3.1% higher than the same period in 2019.
The company has pushed up average revenue per teu by 6.2% year-on-year.
Over the first nine months, OOCL logged a 1.6% rise in volumes compared to 2019, with revenue up 7.8%.
Capacity lower over nine months
Loadable capacity has fallen in the year to date by 0.8%, illustrating the bigger effect of the pandemic in Asia in the second quarter.
The load factor was 2% higher over the nine-month period, with revenue per teu rising 6.2%.
In August, the company had reported a 26% drop in profit as it restricted capacity to weather the coronavirus pandemic.
Earnings were $102m for the six months ending 30 June, down from $139m in the same period last year.
OOCL placed orders in March for five 23,000-teu vessels for delivery in 2023.
Two were contracted from Dalian Cosco KHI Ship Engineering Co and three from Nantong Cosco KHI Ship Engineering Co in China.
These will operate with ships of sister company Cosco Shipping Lines in the OCEAN Alliance, which includes France's CMA CGM and Taiwanese operator Evergreen.
