Ocean Network Express (ONE) reported a net loss of $88 million for the third quarter of FY2025, as persistent fleet growth and slower cargo movement weighed on short-term freight rates, particularly in the Asia–North America trade
The result marked a sharp year-on-year deterioration from the same period in FY2024, reflecting a softer supply-demand balance driven by continued newbuilding deliveries across the global container fleet.
For the quarter ended December 31, 2025, ONE generated revenue of $4.07 billion, down 16% year-on-year, while EBITDA fell to $536 million, compared with $1.58 billion in FY2024 3Q. EBIT declined to a loss of $84 million, and profit swung from a $1.16 billion gain a year earlier to the current-quarter loss
Cargo liftings were broadly flat year-on-year at 3.25 million TEU, highlighting that weaker earnings were driven more by rate pressure and cost dynamics than by volume contraction
Bunker prices provided some relief, averaging $489/mt, down 12% year-on-year, though this benefit was offset by higher ship-related and port costs and increased empty container repositioning expenses
Trade Lane Dynamics and Freight Rates
ONE cited front-loading in the first half of the fiscal year—driven by concerns over potential U.S. tariff hikes—as a key factor behind weaker Asia–North America volumes in 3Q. Cargo movement on Asia–Europe routes initially stagnated but showed gradual improvement later in the quarter
Freight rates declined quarter-on-quarter across major trades, reflecting the continued influx of new capacity. The Asia–North America eastbound freight index fell to 119, while Asia–Europe westbound dropped to 142, both down from the previous quarter
Utilization also softened, particularly on backhaul routes. Asia–North America westbound utilization stood at 30%, while Asia–Europe eastbound averaged 36%, underscoring ongoing imbalance in directional demand
"Our 3Q FY2025 results reflect a challenging operating environment as we continue to navigate the complexities of the current global landscape. Although market dynamics have impacted our performance during the quarter, we remain focused on disciplined capacity management, cost control, and ongoing network optimization to enhance operational resilience. By leveraging strategic partnerships, we reinforce a reliable service network to better serve our customers.”
- Jeremy Nixon, CEO, Ocean Network Express
Outlook for FY2025
Despite the weak third quarter, ONE maintained its full-year FY2025 profit forecast of $310 million, unchanged from previous guidance. The carrier expects a modest recovery in cargo volumes and freight rates in 4Q, assuming continued vessel rerouting via the Cape of Good Hope and stable demand in Asia–Europe trades
The company said it will continue to closely monitor geopolitical developments in the Red Sea and evolving U.S. trade policy, while maintaining flexible vessel deployment and cost discipline.
Fleet expansion remains a central theme shaping ONE’s earnings environment.
As of the end of December 2025, ONE controlled a fleet of 279 vessels totaling approximately 2.18 million TEU, up from 271 vessels and 2.09 million TEU at the end of September 2025
The carrier’s orderbook stood at 68 vessels, including 18 new orders placed during FY2025 3Q and one vessel delivered during the quarter. Much of the growth is concentrated in larger tonnage, with notable increases in the 9,800–10,500 TEU and 10,500–20,000 TEU segments, reflecting ONE’s continued focus on mainline East–West trades
By trade exposure, fleet deployment remains weighted toward Asia–North America (31%) and Asia–Europe (27%), with the remainder split between intra-Asia and other regional services
In response to the softer market, ONE said it is actively reviewing its cargo portfolio to enhance yield management, adjusting port calls and service rotations to improve schedule reliability, and preparing for the rollout of the Premier Alliance’s 2026 East–West network, aimed at stabilizing service structures and improving competitiveness