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Asia-Europe trade growth targets

OOCL fueling its great ambition

by Port News Editorial Staff

ORIENT Overseas Container Line is considering ordering an additional seven 23,000 TEU containers.

The company, now an intrinsic part of the Chinese conglomerate Cosco Shipping, already has five ships of the same size on order. The objective is to set up a fleet able to operate with its own loop on the Asia-Europe trade route.

The order plan is still in its initial stages: the yards and types of engines to be installed have yet to be individuated. Having earned more than $1 billion last year from the sale of its Long Beach container terminal, OOCL has signed a contract in March with two Chinese shipyards to build five 23,000 TEU ships (contract value: $780 million).

Deliveries will be made between the first and fourth quarter of 2023.

According to the consultancy firm Tan Hua Joo, the additional orders would only make sense if the carrier wanted to form a new independent service on the Euro-Asian routes, which requires at least a dozen ships.

Translation by Giles Foster

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