Orient Overseas International (00316) opened nearly 4% lower. As of press release, it was down 3.85% to HK$110, with a turnover of HK$8.305 million.
The Zhitong Finance App learned that Dongfang Overseas International (00316) opened nearly 4% lower. As of press release, it had a decrease of 3.85% to HK$110, with a turnover of HK$8.305 million.
Oriental Overseas International announced that the company's total revenue in the second quarter of 2024 reached 2.265 billion US dollars, an increase of 14.4% year on year, while total cargo volume increased slightly by 0.9% year on year, and carrying capacity decreased by 3.4%. The overall carrying rate increased by 3.6% compared to the same period last year, and the overall average revenue per TEU increased 13.4% year on year; in the first half of the year, total revenue increased 2.2% year on year, total cargo volume increased 2.1%, carrying capacity decreased by 0.7%, and overall carrying rate increased 2.3% year on year, while the overall average revenue per TEU remained the same as the same period last year.
Morgan Stanley released a research report saying that the Red Sea conflict has suspended the industry's downward cycle, but its impact has begun to weaken, and supply risks are now accumulating; this year's peak season will see a peak in spot freight costs over the next two to three years. The bank pointed out that the Red Sea conflict continues, and the container freight industry will still need at least two to three years to absorb the oversupply situation. It is expected that the industry will have a long and painful downward cycle, describing the arrival of a long cold winter. The bank estimates that in the upcoming downward cycle, the industry will return to break-even and even loss.