Ocean Network Express (ONE) closed the second quarter of 2024, which runs at the Japanese from July to September 2024, with revenue of $5.8 billion. That is a 65% increase compared to the same quarter last year. Net profit was $1.9 billion.
“In particular, cargo movements between Asia-North America and Asia-Europe increased due to consistent consumer demand and an early peak season in July and August. In addition, early shipments in North American trade are a response to possible supply chain disruptions,” reports Japanese container carrier ONE, the joint subsidiary of NYK, “K” Line and Mitsui OSK Lines (MOL), in its latest quarterly report.
+5.916%
Operating profit rose 447%, from $436 million in the second quarter of 2023 to $2.4 billion in 2024. Earnings before interest and taxes (ebit) rose a whopping 5,916%, from $31 million to $1.8 billion. Net profit came to $1.9 billion. That’s an increase of 969%. In the second quarter of 2023, net profit was ‘only’ $187 million.
For FY2023, ONE attributed the weak results mainly to low freight rates and the huge influx of new ships.
US elections
Despite the positive results, CEO of ONE Jeremy Nixon is cautious about the future. “Besides the current geopolitical situation, the industry faces additional uncertainty about the final outcome of the US elections and the labour situation at USEC (U.S East Coast Ports ed.) ports.”
“ONE will continue to closely monitor changing macro conditions and maintain flexible and effective control over its global operations and customer service performance. This including a successful launch of the new Premier Alliance E-W network from January 2025,” he concludes.
For the full-year 2024 forecast, net profit has been revised from $2.7 billion to $3 billion.
The full report can be found here.
