Ocean Network Express (ONE) has released its financial results for the second quarter of FY2024. For the period from July to September 2024, the company reported revenue of US$ 5,864m, marking a 65% increase compared to the same quarter last year. This resulted in a net profit of US$ 1,999m, a significant year-on-year increase of US$ 1,812m.
Jeremy Nixon, CEO of Ocean Network Express, commented on the results: “In addition to the current geopolitical situation, the industry faces added uncertainty around the outcome of the elections in the USA and the US east coast port labour situation. 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 a successful launch of the new Premier Alliance E-W network in January.”
The company has revised its full-year profit forecast for FY2024, increasing its net profit guidance to US$ 3,095m from the previous estimate of US$ 2,745m announced on 31 July.
“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. Additionally, early shipments in the North American trade are a response to potential supply chain disruptions,” ONE stated.
ONE’s financial results for Q2 FY2024 (Unit: million US$):
Credit: ONE
JAX added to EC2
In further developments, ONE has enhanced its East Coast 2 (EC2) service following a recent announcement regarding its 2025 East-West product offerings. The Jacksonville (JAX) port will now be included in the service route.
Rotation details: Asia – East Coast North America / EC2 (East Coast 2): Xiamen – Yantian – Ningbo – Shanghai – Pusan – (Panama) – Manzanillo – Savannah – Charleston – Jacksonville (new) – Manzanillo – (Panama) – Pusan – Xiamen.