Ocean Network Express (ONE), the Singapore-based container shipping company, reported a remarkable 336% increase in net profit for the fiscal year ending March 31, 2025, totaling $4.24 billion. This surge is attributed to global shipping disruptions, including rerouting from the Red Sea and Suez Canal via the Cape of Good Hope, and widespread port congestion, which absorbed surplus vessel capacity.
Despite this significant profit, ONE projects a challenging FY2025, with profit forecasts ranging between $250 million and $1.1 billion. The company cites factors such as delayed demand recovery, overcapacity, and economic instability introduced by recent tariff developments as primary concerns.
CEO Jeremy Nixon stated, "We are pleased to report a profit of $4.24 billion for FY2024—an achievement realized despite ongoing geopolitical tensions and regional economic uncertainties." He also highlighted the company's participation in the newly established Premier Alliance, launched in February, aiming to expand their global network and enhance service offerings.
CEO Jeremy Nixon stated, "We are pleased to report a profit of $4.24 billion for FY2024—an achievement realized despite ongoing geopolitical tensions and regional economic uncertainties." He also highlighted the company's participation in the newly established Premier Alliance, launched in February, aiming to expand their global network and enhance service offerings.
Looking ahead, ONE acknowledges considerable challenges in making a full-year forecast for FY2025 due to the prevailing geopolitical landscape and significant economic instability introduced by recent tariff developments in April.
ONE's involvement in the Premier Alliance is part of its strategy to strengthen its global network and service offerings amid market uncertainties. The company's cautious outlook for FY2025 reflects the volatile nature of the shipping industry, influenced by geopolitical tensions and economic policies.
