Tokyo, Japan – Ocean Network Express (ONE), the Japanese container shipping giant, reported a net profit of nearly USD 2.0 billion for the third quarter, marking a staggering 969% increase compared to the same period last year. The profit boom follows a 65% increase in revenues, reaching USD 5.9 billion, and a 39% quarter-on-quarter growth.
The impressive financial performance was fueled by a 7% rise in shipment volumes and a significant 55% surge in average rates per twenty-foot equivalent unit (TEU). ONE, which operates around two-thirds of its capacity on East-West trade routes—the highest proportion among the industry’s top six carriers—benefited from high demand and an early peak season in July and August.
Trade volumes from Asia to North America soared by 18% year-on-year during July and August, while port congestion helped bolster freight rates. However, ONE has cautioned that market conditions have softened since the end of September due to an influx of new vessel deliveries.
In response to strong quarterly results, ONE raised its full-year profit forecast for the fiscal year ending March 2025 from USD 2.7 billion to USD 3.1 billion. Yet the carrier also sounded a note of caution for the months ahead. Based on its latest guidance, ONE anticipates a sharp 92% decline in operating profits for the October-March period, predicting profits will dip to USD 210 million.
Despite the challenges expected in the coming months, ONE’s strong third-quarter performance underscores the company’s ability to capitalize on peak season demand and navigate volatile shipping markets effectively.
