JAPAN’s Ocean Network Express, the world’s sixth largest container line, has reported a US$88 million net loss for the third quarter of its 2025 financial year, blaming a persistent increase in supply, slow cargo movements and a resultant decline in short-term rates.
3Q revenue [October-December] was down 9% to US$4,846 million in 2025, compared to the second quarter, and down 16% year-on-year. Liftings slid 2% 3Q v 2Q, to 3,246,000 TEU but were static year-on-year.
Again, year-on-year, ONE’s EBITDA was down 66%, EBIT down 108% and profit also down 108%.
With 31% of ONE’s services dedicated to Asia-North America and 27% to Asia-Europe the carrier was especially vulnerable to disruption in the former, noting that cargo movement slowed due to front loading in the first half.
Cargo movement in the Asia–Europe routes initially stagnated but showed a gradual recovery later.
The continued delivery of new built vessels led to an increase of the market supply, resulting in a looser supply-demand balance, ONE said. Short-term freight rates remained lower than the same period last year.
Looking ahead, ONE expects a recovery in both volumes and rates 4Q, even if the latter will be “a modest uptick”. This forecast is based on the expectation that vessels will continue to route via the Cape of Good Hope: ONE will closely continue to monitor the situation in the Red Sea.
ONE CEO Jeremy Nixon said: “Our 3Q FY2025 results reflect a challenging operating environment as we continue to navigate the complexities of the current global landscape.
“Although market dynamics have impacted our performance during the quarter, we remain focused on disciplined capacity management, cost control, and ongoing network optimization to enhance operational resilience. By leveraging strategic partnerships, we reinforce a reliable service network to better serve our customers.”