ONE Q1 revenue drops 58%, profit plunges 91%

Ocean Network Express (ONE) reported a 58 percent decline in revenue at $3.8 billion for the first quarter of 2023 on four percent decline in liftings at 2.8 million TEUs. Net profit plunged 91 percent to $513 million as "the supply and demand balance has not recovered in the East-West trades, resulting in a gradual downward trend for short-term freight rate levels," says an official release. Compared to Q42022, "the North America eastbound liftings increased due to improvement of the port congestion while the utilisation rates decreased in line with improved vessel turnover. Asia-Europe trade westbound volumes increased (mainly to the Mediterranean) while vessel utilisation remained unchanged. Compared to the same period last year, Asia-North America remained similar in liftings, while Asia-Europe experienced a decrease."