Orient Overseas Container Line delivered a strong operating performance in the second quarter of 2026, with growth across cargo volumes, capacity utilisation and average revenue per container.

For the three months ended 30 June, OOCL generated liner revenue of $2.537bn, up 19.8% from the same period last year. Total liftings increased 8.8% to 2.135m teu, while loadable capacity expanded by 6.3%.

With cargo growth outpacing capacity additions, the carrier’s overall load factor improved by 1.9 percentage points year on year. Average liner revenue per teu also rose by 10.1%.

The combination of higher volumes, better utilisation and stronger unit revenue marked a clear improvement from the first quarter, when OOCL was still facing year-on-year pressure on freight income.

On a sequential basis, second-quarter revenue rose by almost 19% from the first three months of the year. Alphaliner described the result as OOCL’s highest quarterly revenue since 2024.

Transpacific trade leads the recovery

The transpacific market was the strongest contributor to OOCL’s second-quarter growth.

Liftings on the trade increased 21.5% year on year to approximately 609,000 teu, while revenue climbed 29.3% to $974m. The faster increase in revenue than in cargo volume indicates a meaningful improvement in average earnings on the route.

Asia-Europe volumes rose 6.9% to around 387,000 teu, with revenue increasing 17.6% to $521m.

Intra-Asia and Australasia remained OOCL’s largest market by volume. The carrier moved approximately 989,000 teu on these trades during the quarter, up 3.9%, while revenue increased 16.8% to $851m.

The improvement was therefore spread across OOCL’s three largest trade groups, rather than being driven by a single route.

The transatlantic market remained softer. Volumes increased 1.8%, but revenue declined 1.3%, suggesting that pricing conditions on the trade continued to lag behind the rest of the network.

First-half revenue reaches $4.68bn

The strong second quarter lifted OOCL’s first-half performance above the comparable period of 2025.

For the first six months of 2026, liner revenue increased 5.5% to $4.675bn, while total liftings rose 5.2% to 4.132m teu.

Loadable capacity increased 5.3%, broadly matching cargo growth. The overall load factor was therefore largely stable, edging down by only 0.1 percentage points.

Average liner revenue per teu increased by a modest 0.2% for the half year. This reflects the contrast between a weaker first quarter and a much stronger second quarter.

The figures suggest that most of the first-half improvement was generated during the April-to-June period, when OOCL succeeded in converting additional capacity into higher cargo volumes while also improving unit revenue.

Intra-Asia and Australasia produced the strongest first-half revenue growth, rising 8.7% to approximately $1.60bn. Asia-Europe revenue increased 5.8% to just over $1bn, while transpacific revenue rose 4.3% to $1.72bn.

A stronger operating base following record cargo volumes in 2025

OOCL entered 2026 with a larger cargo base and a strong balance sheet.

In 2025, the carrier handled a record 7.874m teu, an increase of 3.7% from the previous year. Although freight rates had normalised from elevated levels, parent company Orient Overseas International still reported revenue of $9.722bn and profit attributable to shareholders of $1.513bn.

Operating cash flow reached $1.991bn, while OOIL ended the year with approximately $6.24bn in cash and bank balances and close to $5bn in net cash.

These figures gave the group considerable financial capacity to continue investing in vessels, technology and network development through a softer part of the container shipping cycle.

The second-quarter recovery indicates that the cargo growth achieved in 2025 is beginning to translate into stronger revenue generation as market conditions improve.

Positive read-through for COSCO SHIPPING Holdings

OOIL is a key part of COSCO SHIPPING Holdings’ global container shipping platform.

COSCO SHIPPING Holdings indirectly owns approximately 71.07% of OOIL and operates its liner business through the dual brands of COSCO SHIPPING Lines and OOCL.

OOCL’s results are therefore consolidated into the financial statements of COSCO SHIPPING Holdings.

During the first quarter of 2026, COSCO SHIPPING Holdings reported revenue of RMB 51.8bn and net profit attributable to shareholders of RMB 5.88bn. Its container shipping volumes increased 6.7% to 6.916m teu despite year-on-year pressure on freight rates.

OOCL’s second-quarter figures now provide a more encouraging signal for the group’s performance in the April-to-June period.

The 19.8% increase in liner revenue, 10.1% rise in revenue per teu and higher load factor suggest that COSCO SHIPPING Holdings’ container shipping business entered the second quarter with better pricing and utilisation than it had at the beginning of the year.

The final effect on profitability will still depend on fuel expenses, port and cargo-handling costs, vessel operating costs, charter exposure and other items that are not included in OOCL’s quarterly operational update.

Nevertheless, the operating data point to a stronger second quarter and support positive expectations ahead of the interim results of both OOIL and COSCO SHIPPING Holdings.

Fleet renewal continues alongside earnings recovery

The improvement in operations comes as OOCL accelerates the renewal and decarbonisation of its fleet.

In May, the company named the 24,168-teu OOCL Wisdom, its first methanol dual-fuel containership and the first vessel in a seven-ship series. The vessel is currently the world’s largest methanol dual-fuel containership.

OOCL has also placed an order for 12 LNG dual-fuel containerships of approximately 13,600 teu each at Hudong-Zhonghua Shipbuilding. The contract is valued at about $2.2bn and will introduce LNG propulsion into the OOCL fleet.

The combination of record cargo volumes, stronger second-quarter revenue, a robust cash position and continued investment in next-generation vessels is reinforcing OOCL’s position within the global container shipping market.

For COSCO SHIPPING Holdings, the latest OOCL figures add an important positive indicator ahead of the group’s 2026 interim earnings.