Ocean Network Express (ONE) has reported a net profit of 31 million dollars during the first quarter of its 2026 fiscal year, corresponding to the period from April 1 to June 30, 2026.
The shipping company recorded revenues of 4.539 million dollars, compared to 4.049 million recorded in the same quarter of the previous fiscal year. The gross operating result, EBITDA, stood at 707 million dollars, while the operational result, EBIT, reached 76 million.
Net profit decreased from 86 million dollars obtained between April and June 2025. Compared to the last quarter of the 2025 fiscal year, when ONE reported a result of 55 million, the drop was 24 million dollars.
The company transported 3.257 million TEU during the quarter, above the 3.165 million from the same period of the previous fiscal year. The average rate stood at 1,300 dollars per TEU, compared to 1,199 dollars recorded a year earlier and 1,154 dollars from the previous quarter.
ONE attributes the evolution of volumes mainly to trans-Pacific traffics, between Asia and Europe and with Latin America. According to the shipping company's financial report, the demand for cargo showed uneven behavior in April and a sustained recovery during May and June.
Volumes from China grew during the quarter due to the anticipation of shipments ahead of possible tariff changes, the expected increase in fuel surcharges, and the replenishment of inventories. This situation had a particular impact on trans-Pacific services.
On this route, the movement of goods began to grow in May due to the anticipation of possible tariff changes at the end of July and the replenishment of retail trade stocks. Demand also maintained a positive trend in services between Asia and Europe.
The company notes that freight rates followed an upward trend since the beginning of the quarter, with a more pronounced increase at the end of the period. This evolution was related to the growth of volumes and a greater adjustment between supply and demand on various routes.
The global container ship fleet added more than 300,000 TEU of capacity during the quarter and surpassed 34 million TEU. However, ONE indicates that operational disruptions in the Strait of Hormuz and port congestion absorbed part of this additional capacity and limited its effective availability in the market.
The situation in the Middle East also increased operating costs and fuel prices. The average price of bunker fuel used by ONE was 666 dollars during the quarter, compared to 535 dollars from the same period of the previous fiscal year and 440 dollars from the preceding three months.
Till Ole Barrelet, CEO of Ocean Network Express, noted that the quarter was influenced by a demanding market and disruptions in the Middle East, which increased fuel and operating costs across the sector.
Barrelet indicated that the recovery of demand during the quarter allowed for improved yields and maintained a high utilization of vessels. He also highlighted the protection of people and assets, service reliability, and the execution of the ONE2030 strategy as priorities for the company.
Following the results of the first quarter, ONE has revised its forecast for the entire 2026 fiscal year. The shipping company now estimates it will close the year with a net profit of 900 million dollars, compared to the 300 million projected in its previous estimate.
The annual forecast includes revenues of 19.4 billion dollars, an EBITDA of 3.6 billion, and an EBIT of 1.1 billion. The previous estimate placed these figures at 18.5 billion, 3 billion, and 500 million dollars, respectively.
For the first half of the fiscal year, the company expects to obtain a profit of 750 million dollars, while for the second half it estimates a result of 150 million. ONE has revised upwards its estimate for the first six months due to the evolution of rates and cargo demand.
The forecast is predicated on operational conditions related to the Strait of Hormuz stabilizing back to levels prior to the conflict in October. The shipping company also contemplates that ship diversions around the Cape of Good Hope will continue throughout the fiscal year.
As of June 30, 2026, ONE operated a fleet of 284 ships with a total capacity of 2,260,498 TEU. During the first quarter, it received a new container ship of 13,932 TEU. Its order book was composed of 53 ships, seven of which are scheduled for delivery during the remaining part of the 2026 fiscal year.
