OOIL reported FY2022 results after market close. The drop in earnings during
2022 H2 was within the range of the earnings drops reported by the other liners.
A large dividend was consistent with OOIL's historical pay-out track record.
Where this set of results stand out for us happened in the unit operating
expense that fell 11% YoY and 10% HoH while the industry still experienced rise
in operating expenses during 2022 H2.
OOIL has previously made provisions for future operating expenses, noti