News / ONE sees Q1 profits rise, but remains cautious as box shipping hits 'tipping point'

Photo: ONE

Ocean Network Express (ONE) reported a 12% year-on-year revenue increase in today’s Q1 results, along with a bullish outlook for full-year earnings, but the ocean shipping market has reached a “tipping point”, according to Xeneta.  

ONE revenue for Q1 was $4.2bn, resulting in a $779m net profit, up $266m on the same period last year, which, as the carrier’s financial year is offset, is April to June. 

Ebit was $667m and Ebitda was $1.217bn, compared with $385m and $770m, respectively, on ...