ONE released Financial Result for FY2024 1st Quarter

Ocean Network Express (ONE) released the financial result for FY2024 1st Quarter (from April 2024 to June 2024).

The revenue for FY2024 1st quarter was US$4,211million, up 12% from the same quarter of the last year, with net profit of US$779million (YoY +US$266million).

Cargo movements have improved due the increased consumer spending in North America and Europe. Although new vessel deliveries have led to oversupply in tonnage, prolonged rerouting through the Cape of Good Hope resulted in a reversal of oversupply. As a result, spot freight rates increased compared to 4Q FY2023, across multiple trade lanes including Asia - North America and Asia – Europe due to tight supply and increased demand.

For the full year forecast for FY2024, net profit guidance is revised to US$2,745million from US$1,000 million which was announced on 30 April.

Jeremy Nixon, CEO of Ocean Network Express says, “The outlook, especially for the 2nd quarter and beyond, is extremely uncertain. Also, it will take some time for the situation in the Middle East to normalize. ONE will monitor evolving conditions and maintain agile and efficient operations, with a focus on delivering high quality service to customers”.