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ONE boosts 2021 profit forecast

Photo: ONE ONE_Columba.png
Ocean Network Express (ONE) has boosted its profit forecast for the 2021 financial year by 31%.

ONE reported a $4.9bn net profit for the third quarter of its financial year 2021, up 418% on its third quarter 2020 profit. The result brings the profit for the first nine months of 2021 to $10.0bn, up 616% on-year.

The line said its third quarter success owed to a strong spot freight market, driven by robust cargo demand in October to December 2021 coupled with port and inland congestion. The profit boost came despite lower liftings due to blank sailings, higher ship operating costs, higher bunker costs and other increased overheads.

Consequently, ONE revised its profit forecast for the full year 2021 by 31% to $15.4bn; that result would be a 342% increase on its $3.5bn 2020 profit.