ONE Reports Sharp Profit Surge, Doubles Annual Forecast to US$2 Billion

Singapore-based carrier Ocean Network Express (ONE) reported more than a fourfold increase in net profit for the second quarter of fiscal year 2026, driven by tight capacity supply and sustained demand that pushed freight rates higher. On the back of these results, the company more than doubled its full-year profit forecast, raising it to US$2 billion.

According to the company, ONE posted revenue of 6,274 million euros for the second quarter of fiscal year 2026, covering the July-to-September period, with a net profit of US$1,318 million for that period. These figures brought the carrier's cumulative revenue for the first half of the fiscal year to US$10,812 million, with a gross profit of US$1,348 million.

ONE's CEO, Till Ole Barrelet, credited these results to the efforts of the company's teams in boosting cargo volumes and achieving a higher utilization rate, despite what he described as a challenging operating environment. The executive noted that, in line with this positive momentum, the company decided to raise its year-end forecast to US$2 billion, adding that the carrier will adapt its network as market conditions evolve, prioritizing safety, while continuing to advance its ONE2030 strategy.

Separately, Nippon Yusen Kabushiki Kaisha (NYK), ONE's partner under the equity method, reported that the carrier's board resolved to distribute dividends totaling approximately US$204 million (about 32.2 billion yen), which NYK will receive on November 13, 2026. The Japanese company expects to record this income as non-operating revenue in the third quarter of its fiscal year, which ends March 31, 2027, with no impact on its consolidated results for that quarter.