ONE anticipates a return to profitability in the first quarter of 2024
The ongoing impact of the crisis in the Middle East on freight rates is projected to bring ONE back to profitability in the current quarter. The Japanese shipping company forecasts an operating profit of USD 132 million for January-March, along with a net profit of USD 239 million. This positive turn comes as a result of increased freight rates driven by the conflict and a slight decline in bunker prices since the final quarter of 2023.
Despite facing a rise in vessel supply from new deliveries, ONE has observed a gradual restoration of market equilibrium, partly due to the implementation of blank sailings since December. Furthermore, the carrier has managed to offset revenue declines in the fourth quarter by expanding its presence in growing markets like India and introducing temporary services to Latin America, where market conditions were comparatively stable.
