Orient Overseas Container Line’s (OOCL’s) total revenues declined by 65% in the third quarter of the year to US$1.76 billion, while the carrier’s total liftings grew by 6.7% to 1.86 million TEUs.
The company’s loadable capacity climbed by 13.6% in the same period, compared with the third quarter of 2022.
“When compared to the third quarter of the previous year, the average revenue per TEU fell by 67.3%,” noted the COSCO-owned container shipping company in its results announcement.
Meanwhile, total revenues for the first nine months of the year have declined by 61.8% to US$5.9 billion, while OOCL’s box volumes have increased by 1.5% to approximately 5.5 million TEUs.