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ONE reports nearly US$2 billion in profit for Q2 FY2024

Singapore-headquartered container carrier Ocean Network Express (ONE) released its financial results for the period July-September 2024, which is the second quarter of the company’s FY2024.

ONE’s revenue for this period reached US$5.86 billion, translating to a massive increase of 65% from the same quarter of 2023. Additionally, the company’s net profit was close to US$2 billion for the same period.

(Unit: Million US$)

“The Asia-North America and Asia-Europe trades have experienced strong demand, driven by consistent consumer demand and an early peak season in July and August. In addition, early shipments in the North America trade are in response to potential supply chain disruptions,” commented ONE in its announcement.

For the full-year forecast for FY2024, net profit guidance is revised to US$3.095 billion from US$2.745 billion which was announced on 31 July.

Jeremy Nixon, CEO of ONE, stated, “In addition to the current geopolitical situation, the industry faces added uncertainty around the outcome of the US elections and USEC port labour situation. ONE will continue to closely monitor evolving macro conditions and maintain an agile and effective control of its global operations and customer service delivery performance. Including a successful launch of the new Premier Alliance E-W network from January.”

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