Reporting its results for the second quarter ended 30 September 2022 ONE made a profit of $5.52bn in the three-month period, up from $1.32bn in the same period a year earlier.
The company noted a sudden decline in demand in August and September, which is also coincided with a sharp drop in spot container freight rates.
“Despite the ongoing deterioration in market conditions, freight rates remained higher throughout the second quarter than the same period last year, supporting profit figures,” ONE said.
For the first half of FY2022 the Japanese-owned container line reported a profit of $11.02bn.
Looking into the second half of FY2022, ended 31 March 2023 ONE expects a significantly lower level of profit than it reported for the first half of the year. “The decline in transport demand is expected to continue throughout the second half of the year, resulting in a forecast profit after tax of US$4,250 million in the second half of FY2022,” the shipping line said.
As a result full year profit is forecast for FY22 at $15.27bn, some $1.49bn lower than the previous year reflecting declining demand and the deteriorating freight market.
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