News / ONE Q1 profit soars 3,000% on 2019, thanks to cheaper fuel and higher rates

© Sheila Fitzgerald

Japanese carrier Ocean Network Express (ONE) has kicked off the quarterly financial results reporting season with a $167m net profit for April-June.

Despite seeing liftings slump by about 20% on its Q1 of last year, to 2.67m teu, the merged carrier’s revenue declined by just 4.8% to $2.74bn, as freight rates spiked in response to tight capacity on the major east-west tradelanes.

Additionally boosted by a 20% fall in the price of bunkers, to $348 per ton, and surcharges levied on shippers ...