ONE’s net profit down 87% in H1

The company said that the overall market environment may not prove as robust as initially projected.

Ocean Network Express (ONE) has reported a net profit of $371m in the first half of fiscal year (FY) 2025, falling 87% from the same period last year.

In a statement, the company said its revenue decreased 16% to settle at $8.5b in the first six months of the fiscal year.

Specifically for the second quarter, its net income fell 86% to reach $285m.

“The freight in Q2 experienced fluctuations driven by tariff uncertainties despite steady cargo demand. Freight rates were significantly lower compared to the same period in the previous fiscal year,” ONE said.

“Deliveries of new vessels continued through the first half, increasing global capacity, and persistent Red Sea rerouting partially absorbed available capacity,” it added.

For the rest of the fiscal year, ONE expects that the ongoing delivery of new vessels will persist, affecting overall market conditions.

“The global environment remains subject to significant uncertainties, including potential impacts from tariffs and USTR actions,” ONE said.

“The overall market environment may not prove as robust as initially projected. ONE is committed to closely monitoring these global developments and will maintain operational flexibility to respond effectively to changing conditions,” it added.