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ONE’s profit collapses dramatically

For some companies, the clocks tick a little differently – for them, the financial year ends in March. The container shipping company ONE has now presented its figures.

The No. 6 in global liner shipping, which is managed by Jeremy Nixon from Singapore, suffered significant losses compared to the previous year, as did its competitors. [ds_preview]

Total revenue amounted to US$14.5bn, a drop of 50% compared to the previous year (US$29bn). Net profit even slumped from US$14 bn to just US$974m. The shipping company had even transported 8% more containers (12 million TEU).

The shipping company cites the decline in freight rates due to falling demand and rising tonnage supply as the reason for this. Transport prices climbed again only in the fourth quarter, i.e., from January of this year, due to the crisis in the Red Sea and the subsequent detour of Far East services around the Cape of Good Hope.

ONE hopes for an upswing

Profit is expected to double to around US$1bn for the full year 2024. Turnover is expected to rise to US$17bn (+14.5%). However, there are considerable uncertainties due to the current geopolitical crises and subdued economic expectations.

“We will continue to monitor the situation carefully and focus on maximising profits through flexible tonnage deployment and efficient, demand-driven fleet management,” said CEO Jeremy Nixon.

Ocean Network Express (ONE) was established in 2017 by merging the liner services of K Line, MOL and NYK. The shipping company operates from Singapore. The fleet comprises 230 ships with a capacity of 1.8 million TEU.

ONE is currently a member and the largest partner in THE Alliance (THEA) with Hapag-Lloyd, HMM and Yang Ming. However, the Hamburg-based company will leave the alliance in January 2025 and will operate together with Maersk in the Gemini Cooperation.

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