OOIL top line down but still suggest 2H20 level earnings for 1H

OOIL reported 2023 Q1 top line breakdown overnight (5 July) where its revenue dropped 9% QoQ and 63% YoY. More importantly, overall average freight rates for OOIL fell 15% QoQ and 63% YoY, comparing to CCFI's 14% QoQ and 70% YoY drop. And all four routes registered decline in average freight rates both QoQ and YoY where Transatlantic route suffered bigger sequential fall. OOIL has earned $530mn in EBIT during 1Q23 as per our computation from COSCO's disclosure. The sequential drop in average fr