OCEAN NETWORK EXPRESS recorded a stellar third quarter for its 2024 financial year (which runs April-March) with sharp improvements year-on-year.
The revenue for October 2024 to December 2024 was US$4,846 million, up 44% from the same quarter of the last year, with net profit of US$1,156 million (YoY +US$1,239 million).
Singapore-headquartered ONE, which is the combined container trade interests of NYK, MOL and K Line, said the Asia-North America trade saw stable cargo movement driven by strong consumer spending, in addition to concern about the labor negotiations in the East Coast and Gulf ports. The Asia-Europe trade also experienced strong cargo movement.
For the full year forecast for FY2024, net profit guidance has been maintained at US$4,034 million from US$3,095 million, an upgrade that was originally announced on 31 October 2024.
ONE CEO Jeremey Nixon said the overall business environment for container shipping continues to be generally positive, but with increased geo-political and regional economic uncertainty.
“We are expecting a relatively quick recovery in cargo volumes after the Lunar New Year,” Mr Nixon said.
“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.”
