News / ONE sinks to a $248m operating loss in Q4, but rates rise boosts outlook

Photo: VesselFinder

Japanese ocean carrier Ocean Network Express (ONE) reported an operating loss of $248m for the final three months of 2023, which it attributed to lower freight rates and a surge in the delivery of newbuild ships.

But the carrier expects to return to the black in the first quarter of this year, following the huge rate increases seen as a result of the Red Sea crisis.

Despite transporting 3.1m teu, which was 17% higher year on ...