OOCL revenues plunge 63% in the second quarter

Hong Kong-listed OOIL, that operates Orient Overseas Container Line (OOCL), reported Q2 revenues of $1.98 billion some 62.6% lower than the same quarter in 2022.

Overall revenue per teu was down 63% in Q2 year-on-year. The biggest slumps were seen on the Asia – Europe and Transpacific trades where revenues were down 67.8% and 68.7% in the second quarter of 2023 compared to the same period a year earlier.

Meanwhile the Transatlantic and Intra-Asia/Australasia trades saw 36.9% and 55.4% drops in revenue between Q2 2023 and the Q2 2022.

OOCL’s loadable capacity increase outstripped liftings growth. Liftings grew at just 1.3% in Q2 2023 while loadable capacity for the line was up by 8.7% with the company starting an intake of megamax 24,000 teu capacity newbuildings into its fleet. As a result overall load factor was down by 5.9% in Q2 2023 compared to the same quarter last year.

For the first six months of 2023 OOIL’s revenues were $4.15 billion down by 60.2% year-on-year.