ONE reported better-than-expected 22Q3 (Company's FY22Q2) results during lunch
break today (31 Oct 2022) but guided beginning of an earning down cycle. Net
profit for 22Q3 was $5.5bn, up 31% YoY but flat QoQ. We have expected 10-20% QoQ
drop in earnings for the industry for 3Q.
The positive surprises came from the average freight rates which was up 5% YoY,
beating the 7% QoQ drop in CCFI on likely two factors: (1) accounting delay in
revenue booking because ships, particularly those in the l