Asian top shipping lines have recently reported on their financial progress for the fourth quarter of 2022 and January 2023. While they achieved year-on-year growth, last year's quarter was not as profitable. During the fourth quarter of 2022, Hong Kong’s container carrier Orient Overseas Container Line (OOCL), generated about $3.2 billion in total revenues for all services the company provides. Q4 figures show that the carrier’s revenues dropped by 34.8% compared to the year’s third quarter. Nevertheless, total revenues for the entire financial year 2022 reached $18.6 billion, a 19% growth compared to December 2022. "Average revenue per TEU increased by 26.7% compared to the same period last year," said the company in a statement. Taiwanese shipping giants Evergreen, Yang Ming and Wan Hai all reported a decline in January 2023 compared to December 2022. According to Freight Waves, the ninth-largest carrier in the world, Yang Ming, reported operating revenues of about $420 million in January 2023, marking a 22% drop compared to December 2022. Similarly, Wan Hai’s revenues last month dropped by 17% from December 2022. The operating revenues of the carrier reached $310 million in January. Evergreen generated $875 million in operating revenues in January 2023, ranking the highest among its Taiwanese counterparts. However, the figures constitute a 10% drop from December. South Korea’s liner HMM achieved a 34.8% year-over-year gain in operating profit, reported Freight Waves. Despite the significant full-year growth, the carrier suffered a 53% drop in last year’s fourth quarter. HMM’s 2022 revenues reached $14.5 billion, supplying the company with a net profit of nearly $8 billion. Last year’s fourth quarter witnessed a 20% drop in revenues to $2.74 billion compared to Q4 2021. In its financial statement, HMM commented, “Unfavorable market conditions are expected to continue due to widespread inflation and weak economic growth, putting pressure on demand.”