The combined net profit for Cosco and OOCL in the fourth quarter was US$3.3 billion, and the China state-owned line has already indicated it expects a profit of $4.3 billion for the first quarter of this year.

OOCL's liftings for Q1 were down 9.2 per cent on the same period of last year, at 1,795,876 TEU, although, as noted by Vespucci Maritime consultancy's Lars Jensen, volumes in Q1 2021 were particularly strong, driven by pandemic lockdown e-commerce demand.

Mr Jensen suggested instead that a fairer comparison should be drawn with the pre-pandemic carryings of Q1 19, which would show an increase in OOCL's volumes of 12 per cent - around twice the average growth for the industry.

"Asia-Europe volumes were up 25 per cent on Q1 19," said Mr Jensen, "hence OOCL has materially strengthened its foothold in this trade during the pandemic period," he said.

In its 2021 annual report, OOCL' parent Orient Overseas (International) said OOCL had been able to access additional capacity "through our ability to share equipment, or the option to take additional space on Cosco Shipping's vessels".

Mr Jensen also observed that the carrier's transatlantic volumes were down 13 per cent (compared with the same period of 2019), noting that the line had "been reducing its position in this trade".

Meanwhile, OOCL's unaudited revenue was up a staggering 71 per cent, to $5.16 billion, versus $3.02 billion the year before, smashing its turnover record for the third consecutive quarter.

Maersk vessel loses 90 boxes in N Pacific, some with dangerous goods

DANISH shipping giant Maersk has confirmed that its chartered vessel Dyros lost around 90 containers in rough seas, in the North Pacific, around 1,200 nautical miles east of Japan last week, and the losses included nine boxes containing dangerous cargo.

The Costamare-owned 4,578 TEU vessel was en route to Seattle from Yantian but will now be diverted to another port to handle around 100 damaged boxes still on board, according to London's Loadstar.

Maersk said: "We regret to confirm that the Liberia-flagged vessel Dyros, chartered and operated by Maersk, lost around 90 containers in the western Pacific because of rough weather on March21.

"Nine of these containers are labelled dangerous cargo and contained lithium-ion batteries packed with equipment," it added.

While no crew members were injured, the Danish carrier could not confirm for which port the vessel would now head, as the issue remained under discussion, but added: "The ship is able to continue its voyage and is heading for safe port."

According to the eeSea liner database, the Dyros is deployed on Maersk's standalone TP7 transpacific service that connects Yantian, Shanghai, Qingdao, Busan and Yokohama with Seattle. The service deploys seven ships of between 2,300 TEU and 5,760 TEU.

Claims consultant WK Webster reported that the full extent of the loss of cargo overboard and any accompanying physical damage to containers still onboard may not become clear until it berths. WK Webster will make arrangements to confirm the "extent of losses" once the ship has arrived at its designated safe port.