Orient Overseas International Limited (OOIL), the mother company of Orient Overseas Container Line (OOCL), has seen a huge drop in revenues for the second quarter (Q2) of 2023.
For Q2 2023, total revenues for OOCL decreased by 62.6% when compared to the same period in 2022, according to a company press release.
The company also said that total liftings increased by 1.3%, with the loadable capacity increasing by 8.7%.
Collectively, the overall load factor was 5.9% lower than the same period in 2022, meaning overall average revenue per TEU decreased by 63.0% compared to the second quarter of 2022.
OOIL said in a statement: "The board wishes to remind investors that this operational update for the second quarter ended 30th June 2023 is based on the group’s internal records and management accounts and has not been reviewed or audited by the auditor.
"Investors are cautioned not to rely unduly on the operational update for the second quarter ended 30th June 2023.
"Investors are advised to exercise caution in dealing in the shares of the company."
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