Orient Overseas International Ltd (OOIL) has been downgraded to ‘neutral’ by Drewry Financial Services on the back of the poor containership market.
“We downgrade our rating for OOIL to reflect lower-than-expected decline in freight rates,” said analysts at the UK-based research company.
“The company’s key drivers of revenue growth – transpacific and intra-Asia/Australasia routes – recorded declines of 13% year-on-year and 14% year-on-year respectively primarily because of poor growth in freight rates,” it said.
“The
