ONE suffers 97% decline in profit as inflation and newbuilds weaken supply-demand balance

Ocean Network Express (ONE) endured a 97% decrease in profit to US$187m in the second quarter of its fiscal year, with the supply-demand balance weakening due to an increase in newly built vessels.

In addition, global cargo demand has not yet recovered from the impacts of high inflation, interest rates and energy costs.

Revenue in this quarter for ONE was down 62% to US$3.5bn and EBITDA fell by 92% to US$496m, as short-term freight rate levels failed to sustain their upward trend.