Orient Overseas (International): Lack Of Earnings Power Makes It A 'Sell' [Seeking Alpha]
ORIENT OVERSEAS INR U/ADR (OROVY)
NASDAQ:AMEX Investor Relations:
ooilgroup.com/financials/investorpresentations
Company Research
Source: Seeking Alpha
The company's freight revenue per TEU also decreased from 2022 to 2023. The disruption in the Red Sea caused by the Houthis poses a risk to OROVY's operations and the overall freight rate. It will take at least one to two years to absorb new supply to the world's fleet of container vessels. Investment Thesis Six months ago, we downgraded Orient Overseas (International) Limited ( OTCPK:OROVY OTCPK:OROVF ) from a Hold stance to a Sell, on the back of a weakening freight environment and expectations of more pain to come. Bear in mind, this was before the war started in the Middle East. The day after our previous article on OROVY, Hamas attacked Israel, and on the 19th of November last year, Houthis hijacked a commercial ship in the Red Sea. This has been followed by rockets and drone attacks on several maritime vessels. On the 21st of March this year, OROVY came out with their 2023 financial results , which is a good time to reassess their performance. 2023 FY Financial Re
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