Ocean Network Express (ONE) reported a net loss of $88 million for the third quarter of FY2025, as persistent fleet growth and slower cargo movement weighed on short-term freight rates, particularly in
Ocean Network Express (ONE) reported a net loss of $88 million for the third quarter of FY2025, as persistent fleet growth and slower cargo movement weighed on short-term freight rates, particularly in the Asia–North America trade
The result marked a sharp year-on-year deterioration from the same period in FY2024, reflecting a softer supply-demand balance driven by continued newbuilding deliveries across the global container fleet.
For the quarter ended December 31, 2025, ONE generated revenue of $4.07 billion, down 16% year-on-year, while EBITDA fell to $536 million, compared with $1.58 billion in FY2024 3Q. EBIT declined to a loss of $84 million, and profit swung from a $1.16 billion gain a year earlier to the current-quarter loss
Cargo liftings were broadly flat year-on-year at 3.25 million TEU, highlighting that weaker earnings were driven more by rate pressure and cost dynamics than by volume contraction
Bunker prices provided some relief, averaging $489/mt, down 12% year-on-year, though this benefit was offset by higher ship-related and port costs and increased empty container repositioning expenses
Trade Lane Dynamics and Freight Rates
ONE cited front-loading in the first half of the fiscal year—driven by concerns over potential U.S. tariff hikes—as a key factor behind weaker
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