OOIL says box rates fell in Q2

Overseas Orient (International) Ltd (OOIL) has reported a continued fall in container freight rates in the second quarter of the year, especially on the Asia – Europe trade, Seatrade Asia online reports. OOIL, parent of Orient Overseas Container Line, reported that difficult trading conditions continued in the second quarter. Demand levels were described as “reasonable” and total volumes in the second quarter were up 6.5% at 1.26m teu compared to the same period last year. “However, freight rates on east-west trades have further deteriorated over the course of the second quarter, particularly on the Asia-Europe trades,” OOIL said. Average revenues per teu fell 4.8% year-on-year in the second quarter. “The deterioration in freight rates has occurred despite the need for improved revenues to offset the significant increases in the price of bunker and other energy related costs that have occurred this year,” the company said.