ONE Q2 net profit soars to $1.32b on higher freight rates

The carrier raised its full-year forecast to $2b but expects a softer second half.

Singapore-based Ocean Network Express (ONE) reported a net profit of $1.32b for the second quarter (Q2) of fiscal year (FY) 2026 ended 30 September, up from $285m a year earlier, as higher freight rates and a tight supply-demand balance lifted revenue.

Revenue rose 40.8% to $6.27b from $4.46b on higher liftings across multiple trades.

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose to $1.99b from $881m, with its margin up 12.0 percentage points to 31.7%. EBIT reached $1.36b from $282m, with a margin of 21.6% against 6.3%.

Average freight rate climbed to $1,709 per twenty-foot equivalent unit (TEU) from $1,252, whilst lifting volume rose to 3.396 million TEU from 3.323 million TEU.

Costs rose on higher ship and variable costs and a higher bunker price of $749, up from $518, which ONE linked to the Middle East conflict.

First-half net profit reached $1.35b against $371m a year earlier, with higher freight adding $1.57b.

Asia-North America volume rose to 1.035 million TEU from 917,000 TEU a year earlier as US inventory restocking kept demand strong.

Asia-Europe volume held at 778,000 TEU, but the usual rush before China’s Golden Week did not materialise, and rates edged down as more ships returned to the Suez Canal route.

“Extreme weather, including typhoons in East Asia, low water levels on European rivers, and water shortages at the Panama Canal, underscored the growing impact of climate change on supply chains and had a significant effect on the supply-demand balance,” ONE said.

ONE raised its full-year net profit forecast to $2b from $900m, which implies about $652m for the second half against $1.35b in the first.

It expects spot rates to ease in the second half as seasonal demand softens, with a modest rise ahead of Chinese New Year.

The forecast assumes current conditions in the Strait of Hormuz last through the end of FY2026 and a phased resumption of Suez Canal transits.

As of 30 September, ONE operated 280 vessels with a combined 2.27 million TEU, took delivery of ONE Success and ONE Summit in the quarter, and has 51 vessels on order, including long-term charter, with five due in FY2026.