Profits and revenue rocketed for Ocean Network Express (ONE) in the fiscal second quarter on steady consumer demand, geopolitical disruptions and an early eastbound trans-Pacific peak shipping season.
The Singapore-based alliance of liner operators said earnings before interest and taxes in the quarter ended Sept. 30 was $1.9 billion and earnings before interest, taxes, depreciation and amortization was $2.4 billion, up from $31 million and $436 million, respectively, from the second quarter in 2023.
Revenue was $5.9 billion, up from $3.5 billion.
ONE was the latest container carrier to see robust gains from higher volumes as well as disruptions from attacks on shipping in the Red Sea and early holiday shipments in the North American trade ahead of a strike threat by union longshore employees at U.S. East and Gulf Coast ports.
Volume from Asia to North America in July and August increased by 18% year on year.
Liftings in the major trades in the first half of 2024 were 3.35 million twenty-foot equivalent units from 3.15 million TEUs the previous year, up 6.4% and ahead of global growth estimates of 5.6%.
The alliance raised full-year net profit guidance to $3.1 billion from $2.75 billion announced on July 31.
Find more articles by Stuart Chirls here.
Related coverage:
Maersk Q3 profits rise despite modest container volume gains
Freight Fraud Symposium
Double brokering. AI deepfakes. Identity theft. Freight fraud is an existential threat to the industry. Get ahead of it.
Supply Chain AI Symposium
Past the hype. Join operators, founders, and enterprise leaders figuring out how to deploy AI in supply chain.
Future of Rail Symposium
Reshoring is rewriting freight demand. Join shippers, rail executives, and government officials to shape the next decade.
Double brokering. AI deepfakes. Identity theft. Freight fraud is an existential threat to the industry. Get ahead of it.
Rock & Roll Hall of Fame • Cleveland, OH Register NowPast the hype. Join operators, founders, and enterprise leaders figuring out how to deploy AI in supply chain.
The Old Post Office • Chicago, IL Register NowReshoring is rewriting freight demand. Join shippers, rail executives, and government officials to shape the next decade.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register Now