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ONE forecasts $6bn profit for H1

Photo: ONE ONEboxesnew.jpg
Underscoring the huge turnaround in fortunes for containers shipping financially Ocean Network Express (ONE) booked a profit of $2.56bn for the first quarter ended 30 June 2021.

Reporting a 1,432% increase in profit over the same period in the previous year, ONE is expecting even better results in the current quarter ended 30 September with a forecast $6bn profit after tax for H1. Revenues for Q1 this year jumped 111% to $5.78bn.

“Whilst the current demand is rapidly increasing, the excessive strain on the entire global supply chain triggered by operational restrictions resulting from Covid-19 pandemic still remains,” ONE commented.

While sharp increases in volumes on some trades, port congestion and container shipping capacity issues have put stress on the global supply chain, container lines have benefited for a huge increase in freight rates.

ONE said that Asia-North America trade market volume from January to June increased by 40% year-on-year and by 27% compared to the same period of FY19 before the pandemic.

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