Photo: VesselFinder
Ocean Network Express (ONE) has doubled its full-year profit forecasts to $2bn, after more than quadrupling its net profit for the three months to September, amid a surge in rates and volumes.
Over the second quarter, July-October for the Singapore-based carrier, net profit hit $1.3bn, compared with just $285m, a year earlier, with revenue climbing 41% year on year, to $6.3bn.
CEO Till Ole Barrelet said: “The second quarter delivered a strong financial performance, contributing to a solid first half of FY2026, reflecting our team’s success in growing volumes and achieving higher utilisation, despite a challenging environment.
“Reflecting this positive momentum, we are pleased to raise full-year outlook to $2bn. Looking ahead, we will adapt our network in response to evolving conditions, with safety remaining our top priority.”
Much of the success can be put down to a an almost 50% year-on-year uptick in rates, from $1,252 per teu over the same period in 2025 to $1,709 this year, as well as a small bounce in volumes, to 3.4m teu, compared with 3.26m last year.
The strong Q2 showing marks a sharp contrast to a weak first quarter, raising profits for the six months to October to $1.34bn, compared with $371m over the same period in 2025, on the back of revenues of $10.8bn.
Despite the strength on the transpacific lane – supported by US inventory and data centre demand – as well as Latin American and intra-Asia lanes, the carrier is expecting an easing of spots during the second half as seasonal demand weakens.
The expectation is in no small part due to the less-encouraging picture developing on Asia-Europe routes, with the gradual return of Suez sailings adding pressure on rates just as demand appears to be weakening.
Nonetheless, ONE still expects rates to remain above levels predicted in its earlier forecast, foreseeing a modest increase ahead of Chinese New Year, although its outlook appears dependent on conditions in the Strait of Hormuz remaining unchanged.
“We remain focused on advancing our ONE2030 strategy, building on our strong foundation to deliver long-term value to customers and stakeholders,” Mr Barrelet said
As one of its three contributing shareholders, success for ONE had an effect on K Line’s first-half performance, the Japanese operator recording a massive 81.4% year-on-year uptick in H1 net profits, to $786m.
The company recorded $443m in equity earnings from unconsolidated subsidiaries and affiliates, of which ONE contributed $415m, although K Line chose to leave its full-year earnings forecast unchanged, projecting net profit of $1.2bn.
Meanwhile, Cosco Shipping Ports also reported this week, recording an 8.4% upturn in its third-quarter container throughput, which hit 42.3m teu, with revenue climbing 13%, to $484m, and gross profit increasing 19.3%, to $128m, over the quarter.
Nine months into 2026, Cosco’s ports division reported throughput up 8.1% on the same period of 2025, hitting 122.4m teu, while revenue rose 12.6%, to $1.39bn, generating a 19.7% increase in profit, to $316.3m.