Ocean Network Express (ONE) reported a net profit of US$1.32 billion in Q2 FY2026, up from US$285 million a year earlier, driven by higher cargo volumes and stronger freight rates. Revenue rose 41% to US$6.27 billion, while EBITDA more than doubled to US$1.99 billion.
The Singapore-headquartered carrier transported 3.4 million TEUs during the quarter, compared with 3.26 million TEUs last year. Average freight rates increased to US$1,709 per TEU from US$1,252.
For the first half of FY2026, ONE recorded a net profit of US$1.35 billion on revenue of US$10.81 billion. Strong Transpacific demand, inventory restocking in the US and increased imports of data-centre equipment supported performance.
ONE has raised its FY2026 net profit forecast to US$2 billion, from its earlier estimate of US$900 million, while increasing its revenue outlook to US$21 billion. EBITDA is now projected at US$4.7 billion.
The carrier expects seasonal easing in spot freight rates during the second half, while monitoring developments in the Strait of Hormuz and the gradual resumption of Suez Canal transits.