Singapore-based container line Ocean Network Express (ONE) has released its financial results for the third quarter of the company’s FY2024, covering the period from October to December 2024.
ONE recorded revenue of US$4.8 billion for the last three months of 2024, representing a significant 44% growth compared to the same period last year. Additionally, the ocean carrier’s net profit exceeded US$1.15 billion, while last year ONE reported a loss of US$83 million in the same quarter.
For the same period, ONE’s container ships handled relatively stable volumes. The box line reported 3,246,000 TEUs, translating to a slight 5% increase year-over-year.
The positive results have upgraded ONE’s forecast for the full-year FY2024 with net profit guidance being revised to US$4 billion from US$3 billion, which was announced on 31 October 2024.
Jeremy Nixon, CEO of Ocean Network Express, stated: “The overall business environment for container shipping continues to be generally positive, but with increased geopolitical and regional economic uncertainty. We are expecting a relatively quick recovery in cargo volumes after the Lunar New Year. Meantime, ONE will continue to closely monitor overall maritime security and landside operational constraints, whilst focusing on the smoothest possible network transition to the PREMIER Alliance, and further enhancing service quality levels to our customers.”
