OOCL Q3 revenue drops 65%

Orient Overseas Container Line (OOCL) has reported a 65 percent decline in revenue at $1.8 billion for the third quarter ended September 30, 2023 compared with $5 billion in Q32022.

Total liftings increased 6.7 percent to 1.9 million TEUs in Q32023 with Trans-Pacific reporting the highest increase - 13.8 percent at 477,425 TEUs.

Average freight rate plunged 67 percent to $943/TEU from $2,885/TEU in Q32022.

For the first three quarters of the current year, OOCL revenue was down 62 percent at $5.9 billion compared to $15.5 billion in the same period last year.

"Total liftings increased by 1.5 percent and the loadable capacity increased by 7.6 percent. The overall load factor was 4.8 percent lower than the same period in 2022. Average revenue per TEU decreased by 62.4 percent compared to the same period last year."