Ocean Network Express (ONE) increased its full-year 2024 profit guidance by over a billion dollars, following double-digit revenue growth in its third-quarter results.

The Singapore-headquartered ocean carrier released its financial result for FY2024 3rd Quarter (from October 2024 to December 2024), showing its revenue for the period at US$4.846 billion, up 44% from the same quarter of the previous year, with a net profit of US$1.156 billion (up US$1.239 billion year-on-year).

ONE noted that the Asia-North America trade saw stable cargo movement driven by strong consumer spending, in addition to concern about the labour negotiations in the East Coast and Gulf ports.

The Asia-Europe trade also experienced strong cargo movement

Source: ONE. (Unit: million US$).

Full-year 2024 forecast raised

"For the full year forecast for FY2024, net profit guidance is revised to US$ 4,034 million from US$3,095 million, which was announced on 31 October 2024," ONE said in a statement.

Jeremy Nixon, CEO of ONE noted that the "overall business environment for container shipping continues to be generally positive," although he noted "increased geo-political and regional economic uncertainty."

"We are expecting a relatively quick recovery in cargo volumes after the Lunar New Year. Meantime, ONE will continue to closely monitor overall maritime security and landside operational constraints whilst focusing on the smoothest possible network transition to the PREMIER Alliance and further enhancing service quality levels to our customers," he said.

ONE operates a fleet of over 240 vessels with a capacity exceeding 1.9 million TEUs. Through its extensive global network, ONE provides reliable container shipping services to over 120 countries.