Ocean Network Express (ONE) posted revenue of $4,074m and a net loss of $88m for the third quarter of FY2025 (October to December 2025).
Persistent increase in supply and slow cargo movement, particularly on Asia-North America trade, led to a year-on-year decline in short term freight rates. As a result, the third quarter recorded a loss of $88m, the company said.
Chief executive Jeremy Nixon said the figures reflected “a challenging operating environment” as the group navigated “the complexities of the current global landscape.”
He added that market dynamics had weighed on performance during the quarter, while the company remained focused on “disciplined capacity management, cost control, and ongoing network optimization to enhance operational resilience.”
Nixon said strategic partnerships were being used to reinforce a reliable service network for customers.
Headquartered in Singapore, ONE provides container shipping services to over 120 countries and operates a fleet of over 260 vessels with a capacity exceeding 2 million TEUs.
According to the financial health-check report 2026 released on February 2 by Drewry Maritime Financial Research Services (DMFR), the investment research arm of shipping consultancy Drewry, the container shipping industry witnessed rising overcapacity in 2025 due to a continued flow of newbuild deliveries and muted demolitions.
“Continued weakness in spot freight rates, rising debt to finance a large orderbook and softening demand growth are expected to weigh on container shipping’s financial health in 2026,” the Drewry’s report reads.
Spot rates are forecast to decline further as overcapacity worsens, according to Drewry, with EBIT expected to decline sharply by 96.7% YoY. The possibility of a full resumption of Suez transits and a rapidly evolving geopolitical situation could place additional pressure on freight rates.
