Citgo Revealed as Recipient of Second Jones Act Waiver
By Laura Sanicola and Susan Heavey NEW YORK/WASHINGTON, May 14 (Reuters) – The Biden administration granted oil refiner Citgo Petroleum a Jones Act shipping waiver allowing it to move fuel...
Japanese ocean carrier Ocean Network Express (ONE) reported a profit of nearly $3.5 billion in FY2020 thanks to ongoing the COVID-19 economic recovery starting in the second half of last year.
The results mark an increase of $3.4 billion compared to 2019 when ONE posted a profit of $105 million, marking an increase of 3229%.
ONE said the increase in profit is mainly due to the recovery of cargo demand and an increase in the short-term freight market.
ONE’s FY2020 revenues hit $14.3 billion, a 21% increase from 2019, while FY2020 EBITA was reported as $4.8 billion.
Despite the strong results, ONE held off on issuing guidance for 2021.
“Whilst the steady demand continues, the excessive strain on the entire global supply chain triggered by the operational restrictions resulting from COVID- 19 pandemic still remains.
“COVID-19 pandemic is expected to ease with the global vaccination roll out. But, the resurgence of COVID-19 and possible variants are still a great cause for concern. It is difficult to predict when the pandemic and its effects will be over.
“The FY2021 economic environment will change as the global situation of COVID-19 changes. It is therefore extremely difficult to make a performance forecast and as such ONE’s forecasts for FY2021 are yet to be finalized,” ONE said.
ONE was formed in 2017 through the integration of the container shipping businesses of Japan’s three biggest carriers, NYK Line, “K” Line and MOL. The new company kicked off operations on April 1, 2018 as the world’s sixth largest container shipping company, a ranking it continues to hold, according to Alphaliner, with 221 ships representing 1.6 million TEU capacity and an additional 15 ships on order, which will add 266K TEU capacity.
Join the 68,613 members that receive our newsletter.
Have a news tip? Let us know.