Ocean Network Express (ONE), the world’s sixth-largest ocean carrier by capacity, reported robust financial results for its second quarter of FY2024 (July to September). The company’s revenue soared to $5.9 billion, marking a 65% year-over-year increase. Even more impressive, ONE’s net profit skyrocketed to $2 billion—a staggering 1000% jump from the same period last year.
Strong demand in Asia-North America and Asia-Europe trades, driven by consistent consumer demand and an early peak season, has been a key factor in ONE’s Q2 performance. The company also noted that early shipments in North American trade were influenced by potential supply chain disruptions.
Despite these positive results, ONE faces ongoing challenges. The persistent rerouting of vessels around the Cape of Good Hope due to Houthi attacks on shipping continues to impact operations. Additionally, the market has experienced a softening in the overall supply-demand situation towards the end of the second quarter, attributed to continuous capacity increases.
Looking ahead, ONE has revised its full-year net profit guidance for FY2024 to US $3.1 billion, up from the previously announced US $2.7 billion. However, the company remains cautious about future market conditions.
“In addition to the current geopolitical situation, the industry faces added uncertainty around the final outcome of the USA elections and USEC port labour situation,” said Jeremy Nixon, CEO of Ocean Network Express.
“ONE will continue to closely monitor evolving macro conditions and maintain an agile and effective control of its global operations and customer service delivery performance,” Nixon added.
Sign up for gCaptain’s newsletter and never miss an update
Essential maritime and offshore news, insights, and updates delivered daily straight to your inbox
Container spot freight rates on the main east-west deepsea trades witnessed more declines this week, as a combination of weak demand and excess supply of slot capacity prevailed.
Turkey has decided to bar Israeli vessels from using its ports, forbid Turkish ships from using Israeli ports and impose restrictions on planes entering Turkish airspace, Foreign Minister Hakan Fidan said on Friday.
Cosco Shipping Holdings Co. managed to increase profit in a volatile environment for freight rates and said uncertainty about tariff policies will continue to pose challenges for the industry.
Subscribe to gCaptain Daily and stay informed with the latest global maritime and offshore news
Stay informed with the latest maritime and offshore news, delivered daily straight to your inbox
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
