Strong Cargo Demand Offsets Rising Costs for ONE

Ocean Network Express (ONE) reported a profitable first quarter for fiscal 2026, overcoming higher fuel costs and geopolitical disruptions through strong cargo demand, disciplined capacity management and rising freight rates, while continuing to invest in fleet modernization under its long-term ONE2030 strategy.

For the quarter ended June 30, 2026, the Singapore-based container carrier generated revenue of $4.54 billion, EBITDA of $707 million and EBIT of $76 million, resulting in a net profit of $31 million. The carrier transported 3.26 million TEU during the quarter at an average freight rate of $1,300 per TEU.

While profit declined from the same period a year earlier, ONE characterized the results as demonstrating resilience in a challenging operating environment marked by escalating fuel prices and continued instability in the Middle East. Rising bunker costs, driven largely by the regional conflict, significantly increased operating expenses, while higher ship-related costs also weighed on earnings. These headwinds were partially offset by stronger cargo volumes and improving freight rates across key trades.

Market conditions improved noticeably during the quarter. After mixed demand in April, cargo volumes strengthened through May and June, led by Transpacific shipments from China as shippers accelerated exports ahead of anticipated fuel surcharge increases,