ORIENT Overseas International has reported a 62.6% decrease in total revenue for Orient Overseas Container Line for the second quarter of 2023.

The Hong-Kong headquartered company this week released unaudited results for its trans-Pacific, trans-Atlantic, Asia/Europe and intra-Asia/Australia services.

It said its total revenues for the period had fallen to US$1.98 billion, down from US$5.28 billion in the second quarter of 2022.

Overall average revenue per TEU also dropped 63% compared with the second quarter of last year.

“Total liftings increased by 1.3% and the loadable capacity increased by 8.7%,” OOIL wrote in its quarterly operational update.

“The overall load factor was 5.9% lower than the same period in 2022.”

Total revenues for the six months ended 30 June 2023 were also down on figures posted in the same period last year.

“For the first six months ended 30 June 2023, total revenues decreased by 60.2% and total liftings decreased by 1% over the same period last year,” OOIL wrote.

Total revenues for the first half of 2023 were down from US$10.4 billion in the first half of 2022 to US$4.1 billion in the same period this year

“Loadable capacity increased by 4.7%. The overall load factor was 4.6% lower than the same period in 2022,” OOIL wrote.

“Average revenue per TEU decreased by 59.8% compared to the same period last year.”