News
Ocean Network Express (ONE) accomplished massive increases in revenue and profit in the first quarter (April-June). On the background of a steady recovery in container movement, capacity supply became increasingly tighter, which resulted in continuous rises in short-term freight rates.
On a revenue of $4.21 billion, up 12% year on year, ONE earned an EBITDA of $1.22 billion, up 58%; an EBIT of $667 million, up 73%; and a net profit of $779 million, up 52%. At a time when bunker prices averaged $594 per ton, ONE moved 3.14 million TEUs of containers, up 11%. Container throughput and freight rate increases led to improvements of $175 million and $124 million in net profit, respectively.
For full fiscal 2024 (April 2024-March 2025), ONE anticipates a net profit of $2.75 billion, more than 2.5 times as much as the original projection of $1 billion it made in April. ONE has, however, indicated it is very difficult to make an annual forecast due to unpredictable supply and demand fluctuations in and after the second quarter (July-September) and escalations in geopolitical factors.
