The uncertainties brought about by the war in the Ukraine and the outcome of labour contract renewal negotiations at U.S. West Coast ports, the impact of the Zero-Covid policy being promoted in China, and the difficulty of predicting exactly when the congestion problems that have seriously affected freight rates and, hence, the performance levels of ocean freight, will be fully resolved, do not allow for reliable forecasts of what the actual profit margins will be between now and the end of the fiscal year, which ends in March 2023.
All deferred to a later date. Ocean Network Express (ONE) does not intend to venture into forecasts of any kind. At least not for now. The Singapore-based company announced it in a press release, pointing out that in the first quarter of the fiscal year, revenues had been up 56% to over $9 billion. Likewise, profits rose 115% to $5.499 billion.
On the other hand, container shipments were down 5% from the same period in the previous fiscal year, to 2.9 million TEUs. This figure was contributed to by the well-known congestion problems that are also beginning to be resolved, especially in Los Angeles and Long Beach.
ONE pointed out that it had ordered ten 13,700 TEU dual fuel, fuel and ammonia or methanol container ships earlier this year. They will be delivered in 2025
The company operates a fleet of 208 vessels, or, in other words, a capacity of over 1.5 million TEUS.
Translation by Giles Foster
