Orient Overseas Container Line (OOCL) has witnessed a decrease of 34.8 per cent in total revenues for the fourth quarter of 2022.
The company reported $3.1 billion compared to the $4.8 billion in the same period in 2021.
The latest results differ from the third quarter’s robust growth, which saw a 16.9 per cent increase in total revenues to over $5 billion despite the decline in liftings.
According to OOCL, this was primarily due to a decline in total liftings and loadable capacity by 5.6 per cent and 2.6 per cent, respectively.
The overall load factor was also lower by 2.7 per cent compared to the same period in the previous year.
Additionally, the average revenue per TEU decreased by 30.9 per cent compared to the fourth quarter of 2021.
Despite the year-end decline, for the full financial year 2022 the company experienced a growth in total revenues by 19.1 per cent reaching $18.6 billion, amid a 6.0 per cent decrease in total liftings and a 4.3 per cent decrease in loadable capacity.
The overall load factor was 1.5 per cent lower compared to the same period in 2021 while the average revenue per TEU increased by 26.7 per cent.
In September 2022, OOCL successfully completed the trial use of marine biofuel supplied by Chevron.
This marked the first time that OOCL trialled the use of biofuel in its fleet.