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RCL sees volumes dip in Q2 due to China ‘zero-Covid’ policy

Photo: RCL RCL's Jaru Bhum at sea
RCL Jaru Bhum
Regional Container Line’s (RCL) volumes hit by China’s Covid policies in Q2, but profits soar.

Thai-listed RCL reported a first half profit of THB15.58bn ($433.78m) a jump of 154% compared to the same period in 2021.

“Key improvement aspects of the first half of this year were freight rates which improved by 79%, and a volume growth of 4%,” RCL said.

However, in Q2 China’s “zero-Covid” policy hit volumes for the intra-Asian and regional feeder line with strict lockdowns in major Chinese cities hitting exports and resulting an 8% decline in volumes for RCL.

“Nevertheless, RCL managed to maintain the freight rate at the level only one percent below the Q1 period through its resiliency,” the company said. RCL reported a profit of THB7.36bn, 131% up the same quarter in 2021, however 11% lower than Q1 2022.

Looking ahead RCL said the container sector would continue to be challenged by disruptions and uncertainties.

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