Hong Kong-based container shipping line, OOCL, saw record revenues in the second quarter of the year despite a reported drop in volumes.

Orient Overseas (International) Ltd (OOIL), the parent company of OOC, said the shipping line posted a  US$5.29 billion revenue in the April-June period, up 52.4% compared to the same period in 2021.

"This record result was achieved despite severe congestion around the network, which drove down liftings by 5.6% and loadable capacity by 6.1%," the parent firm of OOCL said, adding that revenue per twenty-foot equivalent unit (TEU) was up 61.5% in year-on-year in Q2 while the load factor was up 0.5%.

It added that for the first six months of the year, total revenues were up 61% compared to the same first-half period in 2021, while average revenues per TEU also increased 74%.

The reported rise in OOCL revenue reflects an industry-wide wide boost from higher shipping rates.