HK Stock Market Move | OOIL (00316) rises over 3%; Q3 operational update is positive; persistent port congestion can offset the impact of new ships to be delivered soon.

OOIL (00316) rose over 3%, up 3.07% as of press time, at HK$164.6, with a turnover of HK$217 million. On the news front, JP Morgan released a research report stating that OOIL's Q3 operational data update had a positive impact. The bank believes that ongoing port congestion can offset the impact of new ships to be delivered soon, helping to maintain pricing power; and maintains a positive view on the shipping ecosystem. JP Morgan pointed out that OOIL's Q3 average revenue per TEU rose 33.1% year-on-year and 30% quarter-on-quarter to US$1,547, with shipment volume up 9% year-on-year to 2.12 million TEU and roughly flat quarter-on-quarter. Total liner revenue reached US$3.285 billion, up 45.1% year-on-year and 29.5% quarter-on-quarter. Loadable capacity increased only 3.6% year-on-year, while load factor improved by 4.2 percentage points, reflecting tight effective capacity and prudent capacity deployment. Trans-Pacific route revenue surged 71.8% year-on-year, now accounting for approximately 44% of liner revenue.