News / ONE profits surf the wave of soaring freight rates, with Q3 revenue up 29%

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Japanese ocean carrier ONE recorded a net profit of $944m for its third quarter, October-December, and expects to see profits of $2.5bn for the full year.

That would represent an astonishing 172% upgrade on its November guidance, thanks to huge hikes in freight rates hitting the carrier’s bottom line.

Moreover, it would appear that ONE is being conservative with its $900m net profit Q4 forecast for January to March, given the impact of even higher rates well into this quarter.

Q3 revenue for ...