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Ocean Network Express Raises Profit Forecast to $2B on Rate Strength

Ocean Network Express raised its full-year net profit guidance to $2 billion, up from $900 million, after the Singapore-based container carrier reported second-quarter earnings of $1.318 billion. The figure represents a fourfold increase from $285 million in the year-ago period. ONE, co-owned by three Japanese carriers, benefited from elevated freight rates that averaged $1,709 per TEU, up from $1,252 previously. The carrier moved 396 million TEUs during the quarter. Demand on trans-Pacific routes strengthened on U.S. inventory replenishment and data center equipment shipments. Latin America and intra-Asia services posted solid performance, though Asia-Europe lanes faced capacity-driven pricing pressure. ONE cautioned that seasonal demand typically softens in the second half but expects rates to remain above prior assumptions. Suez Canal disruptions and Middle East conditions present ongoing risks to the outlook.