OOCL revenues plunge in 2023, amid solid container growth

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.

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.

Source: Container News


Related News

Import containers to be fumigated as Australia enforces Khapra beetle rules
Import containers to be fumigated as Australia enforces Khapra beetle rules

Regulations requiring import containers from 40 countries across Europe, Asia, the Middle East and Africa to be fumigated to prevent the migration of Khapra beetles into Australia will be enforced from today.

Port of Virginia to become US East Coast’s deepest port
Port of Virginia to become US East Coast’s deepest port

The Port of Virginia has announced it will create the deepest and widest shipping channels on the US East Coast by late 2024, while the federal work plan has recently been approved.

India explores breakbulk option amid box crisis
India explores breakbulk option amid box crisis

While India’s Shipping and Ports Minister Sarbananda Sonowal has assured an early solution to the country’s container shortage problem that has kept both importers and exporters on the edge, the shippers and freight-forwarders are now moving towards more unconventional methods like breakbulk to survive the demand boom and capacity imbalances.


main.add_cart_success