ONE posts $338 million full-year profit for FY2025 as Middle East costs bite

Ocean Network Express (ONE) closed FY2025 with a full-year net profit of $338 million on revenue of $16.62 billion. Both figures fell sharply from FY2024, when ONE posted a profit of $4.24 billion on revenue of $19.23 billion.

Revenue dropped 14% year-on-year. Profit fell 92%. Softer freight rates drove the decline, as a weaker supply-demand balance pushed prices lower across major trades. Operating costs rose on higher ship costs, port charges and empty repositioning expenses. Bunker prices eased year-on-year, providing some relief.

The fourth quarter delivered a profit of $55 million on revenue of $4.04 billion. Cargo movements remained sluggish. Asia-Europe saw some pre-Lunar New Year demand. Middle East tensions added costs but had a limited impact on Q4 results. Red Sea-Suez Canal passage remains uncertain and vessels continue to reroute via the Cape of Good Hope.

Total liftings rose slightly to 12.93 million TEU, up 1% from 12.75 million TEU in FY2024. On Asia-North America eastbound, utilization averaged 92%. On Asia-Europe westbound, liftings grew to 1.91 million TEU, up from 1.73 million TEU, though utilization slipped to 89%.

ONE expanded its terminal footprint during the year, adding presence in Laem Chabang, Thailand and Busan, South Korea.

For FY2026, ONE forecasts revenue of $18.5 billion and a profit of $300 million, assuming Middle East operational conditions stabilise to pre-conflict levels by summer. EBITDA is projected at $3 billion and EBIT at $500 million.

“Despite heightened volatility in the fourth quarter, our disciplined cost control and operational efficiency enabled us to deliver a profitable full-year result,” said CEO Jeremy Nixon. “We continue to navigate a complex and volatile global environment as we enter the new fiscal year.”

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