Profits and revenue rocketed for Ocean Network Express (ONE) in the fiscal second quarter on steady consumer demand, geopolitical disruptions and an early eastbound trans-Pacific peak shipping season.
The Singapore-based alliance of liner operators said earnings before interest and taxes in the quarter ended Sept. 30 was $1.9 billion and earnings before interest, taxes, depreciation and amortization was $2.4 billion, up from $31 million and $436 million, respectively, from the second quarter in 2023.
Revenue was $5.9 billion, up from $3.5 billion.
ONE was the latest container carrier to see robust gains from higher volumes as well as disruptions from attacks on shipping in the Red Sea and early holiday shipments in the North American trade ahead of a strike threat by union longshore employees at U.S. East and Gulf Coast ports.
Volume from Asia to North America in July and August increased by 18% year on year.
Liftings in the major trades in the first half of 2024 were 3.35 million twenty-foot equivalent units from 3.15 million TEUs the previous year, up 6.4% and ahead of global growth estimates of 5.6%.
The alliance raised full-year net profit guidance to $3.1 billion from $2.75 billion announced on July 31.
Find more articles by Stuart Chirls here.
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