Ocean Network Express (ONE) posted a net profit of 1.318 billion dollars in the second quarter of its 2026 fiscal year, covering the period from July 1 to September 30, compared with the 285 million dollars earned in the same period of the previous year. Increased revenue from container shipping and higher freight rates have led the company to revise its forecasts for the full fiscal year, which will end on March 31, 2027.
The shipping company, based in Singapore and owned in part by Japanese groups NYK, MOL, and K Line, recorded quarterly revenue of 6.274 billion dollars, compared with approximately 4.5 billion dollars recorded a year earlier. The growth was accompanied by an increase in volumes transported and greater utilization of available capacity across its international network.
During the quarter, ONE handled 3,396 million TEUs, 6.3% more than in the same period of 2025. At the same time, the company's average freight rate rose from 1,252 to 1,709 dollars per TEU, contributing to increased revenue despite higher operating costs.
Factors affecting operating expenses included the rising cost of marine fuel, linked to the conflict in the Middle East, and higher costs associated with vessel use and transport operations.
The second-quarter results put revenue for the first half of the fiscal year, which began on April 1, at 10.812 billion dollars, compared with approximately 8.5 billion dollars in the same period of the previous fiscal year. First-half net profit reached 1.348 billion dollars, compared with 371 million dollars recorded a year earlier.
In operational terms, the shipping company transported 6,653 million TEUs during the first six months of its fiscal year, 4.8% more than in the same period of 2025.
Developments in the trans-Pacific market were one of the main factors behind these results. According to ONE, demand for freight transport between Asia and North America remained high, driven by inventory restocking in the United States and imports of equipment for data centers and industrial applications.
Maritime connections with Latin America and regional services within Asia also saw positive demand trends. By contrast, routes between Asia and Europe performed differently, with relatively stable cargo volumes and greater pressure on transport prices.
On this latter corridor, increased available capacity and the gradual resumption of services on routes through the Suez Canal helped shift the balance between supply and demand, affecting freight rate levels.
Operations were also affected by disruptions in various regions. Typhoons in East Asia caused delays at several ports, while transit restrictions in the Panama Canal, congestion at European facilities, and low water levels on certain inland waterways affected logistics chains.
In response to these circumstances, ONE has added capacity on certain routes, adjusted the allocation of cargo space, and modified its service network to reduce delays. The company has also established alternative transport options using feeder connections in response to the security situation in the Red Sea and the Middle East.
Following its results, the shipping company has raised its annual net profit forecast from 900 million to 2 billion dollars, more than doubling its previous estimate. It has also revised its revenue expectations upward, from 19.4 billion to 21 billion dollars for fiscal year 2026.
This is the second time it has revised its annual forecasts during the current fiscal year, following an increase in August to its initial profit estimate, from 300 million to 900 million dollars.
ONE expects demand to moderate seasonally during the second half of the fiscal year and spot rates to decline, although it anticipates freight rates will remain above the levels assumed in its previous estimates. It also expects a moderate rebound in prices ahead of the Chinese New Year.
The new forecasts are based on the assumption that current conditions in the Strait of Hormuz will persist until the end of the fiscal year and that maritime transits through the Suez Canal will recover gradually.
