Geopolitical events and their impact on shipper demand and freight rates are continuing to lift carriers’ financial outcomes, with Ocean Network Express (ONE) the latest to announce exceptional earnings.
Its financial results for the period July to September saw revenues rise 65% compared to the same period last year.
Revenues amounted to $5 864 million, with net profit of $1.999m (a year-on-year increase of $1.812million.)
“The Asia-North America and Asia-Europe trades have experienced strong demand, driven by consistent consumer demand and an early peak season in July and August. In addition, early shipments in the North America trade are in response to potential supply chain disruptions,” according to a statement.
Based on these results, the carrier has revised its full-year forecast upwards, with net profit expected to reach $3.095m from the $2.745m which was announced on July 31.
“In addition to the current geopolitical situation, the industry faces added uncertainty around the final outcome of the USA elections and US East Coast port labour situation,” said CEO Jeremy Nixon. “ONE will continue to closely monitor evolving macro conditions and maintain an agile and effective control of its global operations and customer service delivery performance, including the successful launch of the new Premier Alliance E-W network from January.”
