Photo: OOCL
COSCO-owned Orient Overseas Container Line (OOCL) has released its semi-annual financial report, concluding the first half year with a 60.2% decrease in revenue to USD 4,154.7 million YoY and the second quarter with a 62.6% drop to 1,979.1 million YoY.
The decline in revenue in the second half of the year was the most significant on the Pacific and Asia-Europe routes, witnessing OOCL suffering revenue declines of 67.2 and 67.9 percent, respectively.
Total lifting in the first half year of 2023 decreased 1% YoY to 3.6 millIon TEUs, while in the second quarter, it increased 1.3% YoY, with the largest increase on Trans-Atlantic route at 14.4%.
Source: OOCL Quarterly Operational Update
COSCO Shipping has released its semi-annual forecast report before. Traditionally, OOCL is the the first major container shipping company to release its quarterly and half-yearly reports. After this, COSCO Shipping will release its final results.
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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