Ocean Network Express (ONE) profits surged to $1,999m in its second quarter on the back of strong demand and an early peak season.
The container liner giant has released the financial result for FY2024 second quarter from July 2024 to September 2024.
The revenue was reported to be $5,864m, marking a 65% increase compared to the same quarter last year, with net profit of $1,999m (YoY +US$1,812m).
The Asia-North America and Asia-Europe trades have experienced strong demand, ONE said, driven by consistent consumer demand and an early peak season in July and August.
Additionally, early shipments in the North America trade are in response to potential supply chain disruptions.
The company has revised its full year forecast for FY2024, increasing its net profit guidance to US$3,095m from the previous estimate of US$2,745m announced on July 31.
Jeremy Nixon, CEO of Ocean Network Express, said, “In addition to the current geopolitical situation, the industry faces added uncertainty around the final outcome of the USA 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.”
