ONE Reports Strong Financial Performance in Q1 FY2024

Ocean Network Express (ONE) announced its financial results for the first quarter of FY2024, covering April to June 2024.

The company reported revenue of US$4.211 billion for the quarter, a 12% increase compared to the same period last year, and a net profit of US$779 million, marking a US$266 million increase year-over-year.

According to ONE, cargo movements improved due to higher consumer spending in North America and Europe. The introduction of new vessels initially caused an oversupply of tonnage, but this was later offset by extended rerouting through the Cape of Good Hope.

During the April to June 2024 period, the Singapore-based container carrier transported 3,142,000 TEUs, representing an 11% increase compared to the same quarter last year.

As a result, spot freight rates rose compared to the fourth quarter of FY2023 across several trade routes, including Asia-North America and Asia-Europe, due to tight supply and increased demand.

ONE has revised its full-year net profit forecast for FY2024 to US$2.745 billion, up from the previous guidance of US$1 billion announced on April 30.

"The outlook, especially for the second 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," stated Jeremy Nixon, CEO of Ocean Network Express.