ONE’s profit falls short of US$1 billion mark in FY 2023

Ocean Network Express (ONE) has unveiled its results for the financial year (FY) 2023, starting in April 2023 and ending in March 2024.

During this period, the company’s revenue reached US$14.5 billion, reflecting a 50% decrease compared to the previous year. The net profit stood at US$974 million from an astonishing US$14 billion profit in FY 2022.

“The short-term freight rate market continued to decline due to sluggish cargo movements and pressure from supply side as new vessel deliveries continued,” said ONE. “However, freight rates rose due to geopolitical uncertainty surrounding the situation in the Middle East in the fourth quarter.”

The full-year forecast for FY2024 sees a profit of approximately US$1 billion, representing a modest uptick from the previous year. This projection is based on the expectation that the current economic and geopolitical conditions will persist for the foreseeable future.

“We will continue to monitor the situation carefully, focusing on maximizing profit by flexible tonnage deployment and efficient equipment control based on demand,” stated Jeremy Nixon, CEO of Ocean Network Express.

Source: Container News

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