News / ONE eyes network downsize as soft demand sends profits tumbling

The rate of diminishing ocean carrier profitability is accelerating as east-west tradelanes continue to suffer from soft demand resulting in stubbornly low freight rates.

Japanese ocean carrier ONE saw its net profit more than halve to $513m between April and June (its Q1), compared with the first three months of the year.

“East-west routes suffered a fall in demand due to stagnant retail consumption in Europe and the US as a result of high interest rates and inflation,” said ONE.

CEO Jeremy Nixon ...