OOCL feels the pressure
Hong Kong-based Orient Overseas Container Line (OOCL), an affiliate of Cosco since 2018, recorded more volumes, but significantly less revenues in Q4/2023. The revenues almost halved (-49%), falling from USD 3.18 billion in Q4/2022 to USD 1.62 billion in Q4/2023.
Nevertheless, OOCL's total liftings increased by 7.2% to 1.87 million teu and the loadable capacity increased by 9.1% in Q4/2023, while the overall load factor was 1.5% lower than in the same period last year. Accordingly, the overall average revenue per teu decreased by 52.5% compared to the fourth quarter of 2022.
Altogether, average revenue per teu over the whole year 2023 decreased by 60.8% compared to the last year. In addition, OOCL’s total results for 2023 amount to USD 7.5 billion, shrinking by 59.6% on a year-to-year basis.
The carrier’s volumes handled last year grew by 2.9% to 7.33 million teu compared to 2022. In 2023, loadable capacity increased by 8%, while the overall load factor was 4% lower than in 2022. (cd)