Q2 a big ONE as profits soar

OCEAN Network Express (ONE) has had an outstanding second quarter of its 2026 financial year (April–March) with a huge profit rise boosting its first-half figures and leading to a major full-year upgrade.

Revenue increased, driven by higher liftings across multiple trades and higher freight rates amid a tight supply-demand balance, it said.

During the quarter, ONE generated revenue of US$6,274 million and recorded a net profit of US$1.32 billion. This brings the total revenue for the first half of FY2026 to US$10,812 million, with net profit of US$1.35 billion.

The Q2 revenue was up from US$4,455 million in FY2025 while net profit was up from US$285 million. EBITDA more than doubled to US$1.99 billion, while operating profit rose to US$1.36 billion.

Liftings reached 3.4 million TEU during the quarter, compared with 3.26 million TEU a year earlier. The average freight rate increased to US$1,709 per TEU from US$1,252. Higher costs partly offset the gains, with the average bunker price rising to US$749 per tonne from US$518 a year earlier.

For the first half of FY2026, ONE generated revenue of US$10.81 billion, compared with US$8.5 billion during the same period last year. Net profit reached US$1.35 billion, up from US$371 million. First-half EBITDA increased to US$2.69 billion, while operating profit rose to US$1.43 billion.

ONE chief executive Till Ole Barrelet said the second quarter delivered a strong financial performance, contributing to a solid first half of FY2026.

"These results reflect our teams' success in growing cargo volumes and achieving higher utilisation despite a challenging operating environment," he said.

“Reflecting this positive momentum, we are pleased to further raise our full-year outlook to US$2,000 million.

“Looking ahead, we will adapt our network in response to evolving conditions, with safety remaining our top priority. We remain focused on advancing our ONE2030 strategy, building on our strong foundation to deliver long-term value to our customers and stakeholders.”

The full-year profit forecast of US$2 billion is more than double its previous estimate of US$900 million.

ONE now expects FY2026 revenue of US$21 billion, compared with its previous forecast of US$19.4 billion. Its EBITDA forecast increased from US$3.6 billion to US$4.7 billion, while the operating profit outlook doubled to US$2.2 billion.

“Spot rates are expected to ease in 2H as cargo demand softens seasonally, while remaining above the levels assumed in the previous forecast. A modest rise is expected ahead of the Chinese New Year.

“The forecast assumes that current conditions in the Strait of Hormuz will continue through the end of FY2026 and that Suez Canal transits gradually resume,” the Singapore-based carrier said.

At the end of September, ONE operated 280 vessels with a combined capacity of 2.27 million TEU while its orderbook comprised 51 vessels, including long-term chartered newbuildings.