Ocean Network Express Announces Financial Results For Q1 FY2026
Chennai:
Port Wings News Network:
Ocean Network Express (ONE) on 4 August announced its financial results for the first quarter of FY2026, covering the period from 1 April to 30 June 2026. For the first quarter, ONE generated revenue of US$4,539 million and recorded a net profit of US$31 million.
Commenting on the performance, Till Ole Barrelet, CEO of Ocean Network Express, said, “The first quarter reflected a demanding market, with Middle East disruption raising fuel and operating costs across the industry. As demand recovered through the quarter, we improved yields and maintained high utilization. We have raised our full-year forecast and remain focused on operational agility as conditions evolve. This reflects the dedication of our global team and the steady progress of our ONE2030 strategy. As market uncertainties persist, our priorities are protecting our people and assets, ensuring service reliability for our customers, and delivering sustainable long-term value for our stakeholders.”
Business Environment for the Quarter
• Cargo demand shifted significantly over the quarter, from a mixed demand environment in April to a sustained recovery in May and June. In particular, cargo volumes from China increased, supported by front-loading ahead of expected fuel surcharge hikes, potential tariff changes, and inventory restocking, which drove robust demand in the Transpacific trade. The Asia-Europe trade also continued to recover.
• The global fleet expanded by more than 300,000 TEU during the quarter, bringing total capacity to over 34 million TEU. However, disruptions in the Strait of Hormuz and persistent port congestion absorbed part of the newly added capacity, limiting the effective increase in market supply.
•Supported by strong cargo demand, supply-demand conditions tightened, and freight rates continued to trend upward across various trade lanes. On the Asia-Europe trade, persistent port congestion constrained capacity and tightened conditions further.
•The ongoing instability in the Strait of Hormuz continues to disrupt shipping, leaving carriers unable to resume direct Middle East services for the time being.
Ocean Network Express (ONE), headquartered in Singapore, is one of the world’s leading liner shipping companies. It operates a fleet of over 280 vessels with a capacity exceeding 2.2 million TEUs. Through its extensive global network, ONE provides reliable container shipping services to over 120 countries.
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