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Ocean Network Express Pte. Ltd. started its 2026 financial year with a 12.1% growth in revenue in the first quarter covering April-June, generating US$4.54 billion from $4.05 in the same period last year
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Profit dropped 64% to $31 million from $86 million due to higher operating costs driven mainly by increasing fuel prices
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ONE introduced its East–West service product in April
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Fleet build-up on track, with one vessel delivered out of the seven expected this year
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ONE upgraded its full-year forecast guidance to $900 million in profit from $300 million in view of recent increase in freight rates and strong cargo demand
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The outlook takes into consideration the Strait of Hormuz volatility
Ocean Network Express Pte. Ltd. (ONE) started its 2026 financial year with a 12.1% growth in revenue in the first quarter covering April-June, generating US$4.54 billion from $4.05 in the same period last year.
The Singapore-headquartered shipping line’s profit, however, dropped 64% to $31 million from $86 million during the period in review due to higher operating costs driven mainly by increasing fuel prices resulting from the Middle East conflict.
“The first quarter reflected a demanding market, with Middle East disruption raising fuel and operating costs across the industry,” ONE CEO Till Ole Barrelet said in a statement. “As demand recovered through the quarter, we improved yields and maintained high utilization.”
In its financial report for the quarter, ONE cited its achievements for the period, including the launch of its East–West service product in April, which it said enhances reliability and strengthens network stability amid “geopolitical uncertainty and persistent port congestion.”
“With the launch of our new service network on East-West routes, this enables us to provide enhanced connectivity and service offerings to customers worldwide,” it said.
ONE also Implemented targeted commercial initiatives to strengthen yield performance, supporting overall financial performance, against the backdrop of rising operational costs.
READ: ONE records $16.6B revenue in 2025, net profit drops to $338M
It’s fleet build-up under the “ONE2030” program is also moving as planned, with one vessel delivered out of the seven expected this year. As of June 30, the company has an orderbook of 53 vessels, including long-term charter. It currently has 284 ships with a capacity of over 2.26 million TEUs.
Meanwhile, the full-year forecast guidance has been upgraded to $900 million in profit from $300 million in view of recent increase in freight rates and strong cargo demand.
ONE said higher freight rate levels are expected to persist given solid cargo demand, particularly through the second quarter across various trades.
The outlook also takes into consideration the continuing uncertainty of the situation in the Strait of Hormuz.
“We have raised our full-year forecast and remain focused on operational agility as conditions evolve. This reflects the dedication of our global team and the steady progress of our ONE2030 strategy. As market uncertainties persist, our priorities are protecting our people and assets, ensuring service reliability for our customers, and delivering sustainable long-term value for our stakeholders,” Barrelet said.
READ: ONE launches Singapore-Davao-GenSan shipping service
