OOCL Reports Sharp Decline in Q4 2023 Revenues

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  • OOCL witnesses a significant 49% drop in Q4 2023 revenues compared to the same period in 2022.
  • Despite a 7.2% increase in total liftings, lower load factors contribute to a 52.5% decrease in the average revenue per TEU.
  • Annual revenues for 2023 show a substantial 59.6% year-over-year decline, with 7.33 million TEUs moved but a 60.8% decrease in average revenue per TEU.

COSCO-owned Orient Overseas Container Line (OOCL) has seen a huge 49% decrease in its fourth quarter revenues, compared to 2022 Q4, reporting US$1.62 billion, reports Container News.

OOCL’s total liftings

In the same period, OOCL’s total liftings increased by 7.2% and the loadable capacity increased by 9.1%, while the overall load factor was 1.5% lower than in the same period in 2022. As a result, the overall average revenue per TEU decreased by 52.5% compared to the fourth quarter of last year.

Furthermore, OOCL has announced overall revenues for 2023 of US$7.5 billion, translating to a significant 59.6% year-over-year decline.

The Hong Kong-based ocean carrier moved 7.33 million TEUs in 2023, representing a growth of 2.9% compared to 2022 box volumes. In 2023, the loadable capacity increased by 8%, while the overall load factor was 4% lower than in 2022. Additionally, the average revenue per TEU in 2023 decreased by 60.8% compared to the last year.

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Source: Container News

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