The Singapore-based, Japanese owned, container line reported revenues of $19.23 billion for the financial year ended 31 March 2025 up 32% on FY2023. Net profit soared some 336% in FY2024 to $4.24 billion compared to the previous financial year.
ONE commented that extended rerouting from the Red Sea and the Suez Canal to transit via the Cape of Good Hope and port congestion had absorbed surplus vessel capacity over the previous year.
However, since the Lunar New Year the line reported delayed demand recovery and overcapacity putting container freight rates on a downward trend.
“In the North America eastbound trade, high utilisation was maintained up to the Lunar New Year due to strong cargo demand. However, recovery post Lunar New Year has been subdued due to various reasons including a slowdown in cargo movement. In the Asia-Europe westbound trade, a similar trend was observed, where utilisation also dropped after the Lunar New Year due to weakening demand,” the company said.
Looking to FY2025 ended 31 March 2026 ONE said there were considerable challenges in making a full year forecast due to the prevailing geopolitical landscape and the significant economic instability introduced by recent tariff developments in April.
A baseline forecast predicated on a relatively stable business environment is for a full year profit of $1.1 billion on just over a quarter of the profit the company reported for FY2024.However, a scenario that analyses potential headwinds such as weakened cargo volumes in specific trade lanes and reductions in freight rates across global markets forecasts a full year profit for FY2025 of $250 million, with the second half of the period in the red to the tune of $100 million.
