ONE maintains profit, but freight collapse exposes new phase of maritime transport

The shipping company Ocean Network Express ended the 2025 fiscal year still in the black, but the financial results reveal a profound change in the scenario of international container shipping.

The company reported revenue of US$16.62 billion, down 14% from the previous year. Net profit plummeted by more than 90%, from approximately US$4.2 billion to US$338 million. In the fourth quarter alone, revenue was US$4.04 billion, more intensely reflecting the deterioration in sea freight rates throughout 2025.

The movement confirms the end of the exceptional profitability cycle observed between 2021 and 2022, when the pandemic caused global logistical bottlenecks, an explosion in demand and historic records in maritime freight.

Excess capacity changes sector dynamics

The drop in tariffs is not only linked to the global economic slowdown, but mainly to the structural imbalance between supply and demand in the maritime sector.

During the height of the pandemic, large shipping companies placed massive orders for new ships to meet strong global demand. These vessels will begin to be delivered on a large scale from 2024, significantly increasing available global capacity.

At the same time, international demand has stabilized after the period of atypical growth recorded in previous years. With less port congestion and greater operational fluidity, the logistics system once again operated more efficiently, directly contributing to the drop in freight rates.

Global indicators reinforce this scenario. Drewry’s World Container Index accumulated successive drops throughout the year, moving away from the record levels observed during the pandemic. Long-term contracts monitored by Xeneta also showed a consistent decline, putting even more pressure on shipowners’ revenues.

Even recent geopolitical factors, such as tensions in the Middle East and impacts on Red Sea routes, have had a limited effect on prices. Although these events typically increase shipping costs, they were not enough to offset global oversupply.

Shipowners intensify capacity cuts

Faced with pressure on margins, sector giants such as Maersk, Hapag-Lloyd and Ocean Network Express began to adopt more aggressive operational control measures.

Among the main strategies are the so-called “blank sailings”, which consist of canceling scheduled trips to temporarily reduce the supply of space and try to maintain fares.

Furthermore, companies have been reviewing routes, adjusting delivery schedules for new ships and implementing operational cuts to preserve profitability in an increasingly competitive environment.

Financial pressure is widespread in the sector. Maersk has already signaled more conservative projections for the coming periods, while Hapag-Lloyd recorded a significant decline in its operational indicators. MSC, although it maintains less financial transparency as it is a private company, also operates in an environment with tighter margins.

Brazilian shippers gain momentum

For Brazilian exporters and importers, the new cycle presents positive effects and challenges at the same time.

The fall in international tariffs significantly reduces logistics costs, especially for commodity exporters and importers of industrialized products. This can increase the competitiveness of Brazilian exports and alleviate some of the pressure on domestic prices.

On the other hand, operational adjustments promoted by shipowners increase logistical volatility. Stopover cancellations, route changes and less operational predictability start to represent greater risks for companies that depend on more rigid and deadline-sensitive supply chains.

Operational discipline avoided losses

Even in the face of market deterioration, ONE managed to maintain a positive result thanks to a stricter cost control and capacity management policy.

According to Jeremy Nixon, the company’s CEO, operational discipline was decisive in maintaining profitability. The company expanded route optimization, adjusted the supply of space in services and reinforced operational efficiency measures.

The strategy follows the same movement adopted by the main global shipowners, which now prioritize financial sustainability over accelerated expansion.

2026 should still be challenging.

For the next fiscal year, ONE projects profits of around US$300 million, signaling the continuation of the environment of compressed margins and low predictability.

The sector’s performance will continue to be conditioned by the behavior of global demand, the pace of entry of new ships and international geopolitical tensions.

ONE’s results consolidate the perception that container shipping has entered a new cycle. After years of historic profitability, the sector returns to operating in an environment marked by greater competition, pressure on costs and a constant need for operational efficiency.

For shippers, the scenario represents a combination of lower freight rates with more complex operations, requiring more sophisticated logistics planning and more active risk management.