Ocean Network Express (ONE) has announced a positive set of results for FY2025 2nd quarter (July 2025 to September 2025), posting a net profit of $285 million.
CEO Jeremy Nixon commented: "Our FY2025 Q2 results underscore ONE’s resilience and stability in a challenging market.
“Despite the market fluctuations driven by geopolitical uncertainties, we delivered positive results and secured profitability for the first half of the fiscal year. We maintain a cautious outlook for the full year given current market dynamics. We will continue to take steps to adapt our network and optimise our fleet, ensuring we meet market demands and provide customers with long-term reliability.”
Fluctuations in the period under review were driven by tariff uncertainties despite steady cargo demand.
Freight rates were significantly lower compared to the same period in the previous fiscal year. According to the carrier, the average rate in Q2 was slightly higher than in Q1 although spot rates declined toward the end of the quarter.
“Cargo demand surged in July due to front-loading ahead of looming US tariff deadlines, especially on the Asia-North America trades, while deliveries of new vessels continued through the first half, increasing global capacity, and persistent Red Sea rerouting partially absorbed available capacity,” it points out in a statement.
For the full-year forecast, it is anticipated that the ongoing delivery of new vessels will persist throughout the fiscal year, affecting overall market conditions.
“Amid the situation in the Red Sea, this forecast is based on the expectation that vessels will continue to route around the Cape of Good Hope,” the line said.
“The global environment remains subject to significant uncertainties, including potential impacts from tariffs and USTR actions.”
The overall market environment is therefore not likely to prove as robust as initially expected.
