ONE lifts profit forecast to $2 billion as earnings surge
Higher freight rates and cargo volumes drive a sharp earnings rebound for Ocean Network Express, though the liner expects softer market conditions in H2.
Ocean Network Express more than quadrupled its second-quarter net profit and raised its full-year earnings forecast to $2 billion, as stronger freight rates and higher cargo volumes outweighed rising operating costs.
The Singapore-based container shipping company co-owned by three Japanese carriers reported net profit of $1.318 billion for the July–September quarter, compared with $285 million a year earlier. Revenue rose about 41% to $6.27 billion from $4.45 billion. The period represents the second quarter of its fiscal year ending March 2027.
The carrier increased its annual net profit forecast from $900 million to $2 billion and lifted its revenue outlook from $19.4 billion to $21 billion. It was the company’s second profit-guidance upgrade this fiscal year, following an increase from $300 million to $900 million after its first-quarter results.
ONE carried 3.396 million twenty-foot equivalent units, or TEUs, during the quarter, up 6.3% year-on-year. Its average freight rate increased to $1,709 per TEU from $1,252, helping offset higher fuel, vessel and other operating expenses.
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