Hong Kong's Orient Overseas (International) Limited (OOIL), the parent company of the world's 12th largest liner OOCL, has posted a fourth-quarter revenue decline of 11.2 per cent year on year to US$1.34 billion from $1.52 billion due to low demand and soft rates.

For the full year of 2011, the company's revenue fell 1.5 per cent to $5.53 billion from $5.62 billion in 2010, while the total volume increased 5.6 per cent to 5.03 million TEU from 4.77 million TEU in 2010, reflecting the impact of falling freight rates.

Average revenue per TEU was down 9.4 per cent in the fourth quarter compared to the same period of last year, said the company statement. Overall average revenue per TEU decreased by 6.7 per cent for 2011 compared to the previous year.

The company's shipping volume during the quarter shrank two per cent to 1.28 million TEU from 1.30 million TEU. Also, the overall load factor was 3.2 per cent lower than the fourth quarter of 2010 though loadable capacity recorded an increase of 2.1 per cent.

Loadable capacity increased by 12.3 per cent in 2011, but the overall load factor was 4.8 per cent lower than the corresponding period in 2010.

The company did not report quarterly profit figures. However, Dow Jones noted that first-half net profit in 2011 was down 86 per cent year on year.