ONE Container Alliance Reports Strong Profit in Q3 2024
Ocean Network Express (ONE), a three-carrier alliance of K-Line, MOL, and NYK, reported a net profit of $1.16 billion for the fiscal third quarter (October-December 2024). This marked a significant improvement from a loss of $83 million in the same quarter the previous year.
Key Highlights:
* Revenue surged to $4.85 billion, up from $3.36 billion.
* Operating earnings rebounded to $1.05 billion from a loss of $248 million year-over-year (y/y).
* Container volume grew 4.5% y/y, driven by strong demand on the Asia-North America trade.
* Revenue per TEU reached 38.1%, slightly below the global average of 38.6%.
* Vessel utilization remained strong at 100% from Asia to North America.
Fiscal Year to Date:
For the fiscal year to date, ONE reported profits of $3.9 billion, a notable increase from $617 million in the previous year. Revenue climbed to $14.9 billion from $10.7 billion.
Outlook:
ONE remains optimistic about the overall market environment despite geopolitical and economic uncertainties. The alliance anticipates a quick recovery in cargo volumes following the Lunar New Year.
"We believe the fundamental drivers for our industry remain positive," said ONE Chief Executive Jeremy Nixon. "However, we are mindful of the potential impacts of global events."