News / ONE reports 2023 profit collapse due to rates decline, but volumes were up

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Japanese container line Ocean Network Express (ONE) has provided the first indication of the financial boost from the Red Sea crisis to carriers, as it released its 2023 annual report, which crucially also includes the first quarter of this calendar year.

It said that, while the overall market continued to demonstrate sluggish demand on the key transpacific and Asia-Europe trades, against a backdrop of structural overcapacity stemming from the industry’s massive newbuilding programme, the Red Sea crisis was likely to provide ...