ONE’s Q1 revenue up 12 pc
Ocean Network Express (ONE) has released the financial result for FY2024 1st Quarter (from April 2024 to June 2024).
Revenue for FY2024 1st quarter was US$4,211 million, up 12% from the same quarter of the last year, with net profit of US$779 million (YoY +US$266million).
Cargo movements have improved due to the increased consumer spending in North America and Europe. Although new vessel deliveries have led to oversupply in tonnage, prolonged rerouting through the Cape of Good Hope resulted in a reversal of oversupply. As a result, spot freight rates increased compared to 4Q FY2023, across multiple trade lanes including Asia - North America and Asia – Europe due to tight supply and increased demand.
For the full year forecast for FY2024, net profit guidance is revised to US$2,745 million from US$1,000 million which was announced on April 30, said a release.
Mr Jeremy Nixon, CEO of Ocean Network Express, says, “The outlook, especially for the 2nd quarter and beyond, is extremely uncertain. Also, it will take some time for the situation in the Middle East to normalise. ONE will monitor evolving conditions and maintain agile and efficient operations, with a focus on delivering high quality service to customers”.
Source: Exim News Service: Singapore, July 31