The container shipping company Ocean Network Express (ONE) generated a turnover of more than $16 billion last year. The Iran crisis has so far had no effect, and the forecast for the coming months is optimistic.
2025 was a profitable year for Ocean Network Express: the Singapore-based shipping company generated total revenue of $16.62 billion, including around $4 billion in the last quarter. Although freight volumes fell between January and March, rates showed a positive trend, according to ONE. Profit in the fourth quarter amounted to $55 million. Net income for the year totalled $338 million.
“Despite increased volatility in the fourth quarter of fiscal 2025, our disciplined cost control and operational efficiencies enabled us to deliver a profitable annual result,” said CEO Jeremy Nixon. “As we enter the new financial year, we continue to operate in a complex and volatile global environment. The safety of our employees and the security of our operations and our customers’ cargo are our top priorities. With our new governance structure and enhanced services in FY2026, we will maintain a reliable network and utilize a lean and agile operating model to provide an even better service to our customers.”
Nixon, CEO of the company since 2018, recently announced that he will step down from his position in July to become a Senior Advisor to ONE. His successor will be Till Ole Barrelet, most recently CEO of Emirates Shipping Line. Barrelet will join the company on May 1, initially as “CEO designate”, before taking over from Nixon in July.
The forecast for the 2026 financial year is described as “difficult”, as ONE announced. The reason for this is the tense geopolitical situation, particularly in the Middle East. Nevertheless, the management anticipates a result of around $300 million. The forecast takes into account the ongoing effects of the Middle East conflict, but assumes that operating conditions will stabilise to pre-war levels by the summer. “Despite operational costs and network challenges due to geopolitical instability, ONE remains committed to providing robust and competitive services to support the global supply chain,” the company said.
Last year’s challenges included the closure of the Strait of Hormuz and the continued disruption of the route through the Suez Canal. ONE container ships are currently still being diverted via the Cape of Good Hope, which not only results in longer transit times but also ties up additional tonnage. The company emphasised that the safety of crews remains the top priority. Cargo volumes from Asia to North America declined year-on-year, but remain the most important trade lane for ONE, accounting for 33%. Volumes bound for Europe remained stable at 25%.
ONE – a merger of the container divisions of the Japanese companies NYK Line, Mitsui O.S.K. Lines (MOL) and K Line – ranks sixth among the world’s liner shipping companies, with a capacity of around 2.13 million TEU, just behind Hapag-Lloyd. According to Alphaliner, the fleet comprises 272 ships, while ONE’s order book includes a further 67 vessels (including chartered tonnage).
