Ocean Network Express (ONE) has raised its profit forecast for the current financial year by nearly $1 billion. In the third quarter, the company reported a profit of $1.16 billion.
The liner shipping company, No. 6 in the global ranking, expects a profit of a good $4 billion. The previous forecast was just over $3 billion. The container division of Japanese shipping companies NYK, K Line and Mitsui OSK draws optimism from the “solid results” in the first nine months of the financial year, which runs until March 2025.
In the third quarter, a net profit of $1.16 billion was achieved, compared to a loss of $83 million in the same period in 2023. Like many other liner shipping companies, ONE benefited from the high level of freight rates due to the detour around the Cape of Good Hope and the so-called “frontloading” in anticipation of port labor strikes in the USA.
In October and November, transport volumes from Asia to North America increased by 15% year-on-year.
ONE operated 255 ships at the turn of the year and has a further 52 under construction. The world’s sixth-largest liner shipping company is preparing to launch a new East-West network in the Premier Alliance with partners HMM (South Korea) and Yang Ming (Taiwan).
