Ocean Network Express (ONE) has raised its earnings forecast for the year following strong second-quarter results.

The Japanese container transportation and shipping company released its financial results for the second quarter of FY2024 (July 2024 to September 2024), showing revenue was up 65% to US$5.864 billion from the same quarter last year.

Net profit for the period also reached US$1.999 billion, up from the US$1.812 billion recorded during the same period a year ago.

ONE said in a statement that the Asia-North America and Asia-Europe trades have experienced strong demand, driven by consistent consumer demand and an early peak season in July and August.

"In addition, early shipments in the North American trade are in response to potential supply chain disruptions," the shipping line said.

 [Source: Ocean Network Express]

Meanwhile, ONE raised its forecast for the year amid the strong result.

For the full-year forecast for FY2024, net profit guidance is revised to US$3.095 billion from US$2.745 billion, which was announced on July 31. 

However, the Singapore-based shipping company cautioned about possible risks that may arise in the future.

"In addition to the current geopolitical situation, the industry faces added uncertainty around the final outcome of the USA elections and USEC port labour situation," said Jeremy Nixon, CEO of Ocean Network Express. 

"ONE will continue to closely monitor evolving macro conditions and maintain an agile and effective control of its global operations and customer service delivery performance. Including a successful launch of the new Premier Alliance E-W network from January," he added.