Huge Quarterly Decline as OOCL Gets Back to pre COVID Normality
Orient Overseas Container Line (OOCL), a Cosco unit, suffered a 57.8 per cent year-on-year first quarter decline in sales to US$1.27 billion as liftings revenue fell 56.4 percent during the same period.
Transpacific 2023 first quarter liftings fell 6.4 per cent to 446,037 TEU in 2023 as revenue dropped 65.6 per cent to $649,767. Asia-Europe liftings dropped 4.4 per cent to 387,871 TEU during the same period and revenue fell 67.9 per cent to $489,476. Intra-Asia/Australasia liftings also fell 49.9 percent to 775,955 TEU as revenue slipped 4.3 per cent to US$724,377.
The only quarterly uptick for OOCL was on the transatlantic where liftings were up 25.5 per cent to 128,233 TEU and revenues increased 4.7 per cent year on year to $311,925.
It is expected that we will start seeing similar showings by other MLO’s in the coming months.