ports

ONE Reports Sharp Profit Decline Despite Revenue Growth and Network Gains

Ocean Network Express posted revenue of $4.54 billion for the first quarter ended June 30, up $490 million year-over-year, but net profit fell $55 million to $31 million as elevated fuel costs and Middle East disruptions weighed on margins. EBIT landed at $76 million with EBITDA of $329 million. The Singapore-based carrier moved 28 million TEU, driven by growth on transpacific, Asia-Europe and Latin America trades. Average freight rates improved to $1,300 per TEU. CEO Till Ole Barrelet attributed the challenging quarter to industry-wide cost pressures from regional instability but noted demand recovered strongly from April through June. ONE raised its full-year guidance and credited its ONE2030 strategy for maintaining high vessel utilization despite market uncertainty.