OOCL Q4 revenue drops 49%, liftings up 7%

Orient Overseas Container Line (OOCL) reported a 49 percent decline in revenue at $1.6 billion for the fourth quarter ended December 31, 2023 compared to the same period of 2022 even as liftings increased 7.2 percent and loadable capacity increased 9.1 percent.

"The overall load factor was 1.5 percent lower than the same period in 2022. Overall average revenue per TEU decreased by 52.5 percent compared to the fourth quarter of last year," says an official release.

While Trans-Pacific lifting increased 20 percent to 481,718 TEUs, revenue declined 40 percent to $598 million. Trans-Atlantic liftings declined 11 percent to 107,565 TEUs and revenue dropped 65 percent to $133 million. Intra-Asia/Australasia revenue was down 43 percent at $574 million.

For the year ended December 31, OOCL reported a 60 percent decline in revenue at $7.5 billion compared with $18.7 billion in 2022. Liftings were marginally higher (three percent) at 7.3 million TEUs.