Orient Overseas (International) (0316) Q2 2024 earnings summary

Executive summary

• Q2 2024 total revenues rose 14.4% year-over-year to $2,264.6 million, with total liftings up 0.9%.

• Overall load factor increased by 3.6% compared to Q2 2023, while loadable capacity decreased by 3.4%.

• Average revenue per TEU grew 13.4% year-over-year in Q2 2024.

• For 1H 2024, total revenues increased 2.2% and total liftings rose 2.1% over 1H 2023.

Financial highlights

• Q2 2024 Trans-Pacific revenue surged 42.1% year-over-year; Asia/Europe up 16.4%.

• Trans-Atlantic revenue fell 34.2% year-over-year; Intra-Asia/Australasia up 3.1%.

• Total Q2 2024 revenue: $2,264.6 million; 1H 2024 revenue: $4,244.8 million.

• Q2 2024 total liftings: 1,879,463 TEUs; 1H 2024: 3,676,645 TEUs.

Segment performance

• Trans-Pacific liftings up 8.0% year-over-year in Q2 2024; Asia/Europe up 4.5%.

• Trans-Atlantic liftings down 17.2%; Intra-Asia/Australasia down 4.5% in Q2 2024.

• Trans-Atlantic revenue and liftings both declined sharply year-over-year.