Orient Overseas Container Line (OOCL) has reported a decline of more than 40% in revenue on its transpacific and Asia-Europe trades in the fourth quarter of 2022.

Revenue on trade between Asia and the US in the past three months of 2022 fell to $996m versus the $1.76bn seen 12 months earlier, while revenue on the routes to Europe fell to $795.3m.

The Cosco-owned container line said overall average revenue per teu declined by 30.9%