Asia's top shipping lines achieve year-on-year growth, but drastic drop in Q4 2022
Evergreen generated the highest operating revenues in January 2023 at $875 million
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.”
Source: OOCL, Freight Waves, HMM
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