OOCL revenues plummet by 60 per cent in Q1 2023


Orient Overseas Container Line (OOCL) has announced that its first quarter revenues decreased by 57.8 per cent to $2.18 billion as compared to the same period in 2022.

This figure sets out the unaudited operational update for OOCL’s first quarter, ended 31 March 2023.

Total liftings decreased by 3.2 per cent but the loadable capacity increased slightly by 0.7 per cent.

The overall load factor was 3.3 per cent lower than the same period in 2022.

The average revenue per TEU decreased by 56.4 per cent compared to the first quarter of last year.

READ: GSBN, COSCO, OOCL, SICIT collaborate on blockchain technology for cargo transportation

This announcement comes less than a month after Orient Overseas (International) Ltd, released the annual results for 2022, announcing a container throughput of 7.1 million TEU, a drop of almost 450,000 TEU from 2021.

Yearly figures also showed a revenue of $19.82 billion for 2022, reflecting an almost 18 per cent year-on-year increase, while, operating profits came at $10 billion for the full year.

Additionally, OOCL achieved a revenue of over $18.5 billion for 2022, despite experiencing a decrease of 34.8 per cent in total revenues for the fourth quarter of 2022.

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