ONE releases financial results for FY2024, factors global uncertainty into FY2025 forecast

Singapore-based Ocean Network Express (ONE) has released its financial results for FY2024 (from Apr 2024 to Mar 2025). The revenue for FY2024 was US$19,233 million, up 32% from the last year, with net profit of US$4,244 million (YoY +US$3,270 million).

Jeremy Nixon, CEO of Ocean Network Express, commented: "We are pleased to report a profit of $4,244 million for FY2024—an achievement realised despite ongoing geopolitical tensions and regional economic uncertainties.

“Through our participation in the newly established The Premier Alliance, launched in February, along with various other service partnerships, we have further expanded our global network and enhanced our service offerings to better meet customers’ evolving needs. We remain fully committed to delivering strong, reliable, and highly dependable end-to-end direct port container services to our valued customers”.

ONE notes in its results statement that extended rerouting of vessels round the Cape of Good Hope and port congestion absorbed surplus vessel capacity. Overall cargo movement remained stable. But since the Lunar New Year, weakness has been particularly noticeable on east-west routes, with recovery lagging. As a result, the freight rates have continued to trend downward since the Lunar New Year.

For FY 2025, ONE is predicting reduced full-year net profit of US$ 1,125 million in the event of a ‘relatively stable business environment’, falling to as low as US$250 million in the event of potential headwinds ‘such as weakened cargo volumes in specific trade lanes and reductions in freight rates across global markets.’