Ocean Network Express (ONE) has raised its FY2026 net profit forecast to $2 billion from $900 million after reporting second-quarter net profit of $1.318 billion on Wednesday, November 4.
The Singapore-headquartered container line's result for the July–September quarter compares with $285 million a year earlier. Quarterly revenue rose to $6.274 billion from $4.455 billion.
ONE attributed the improvement to higher freight rates, along with greater cargo liftings on several trades. These gains outweighed higher ship costs, variable costs and bunker prices. Its average bunker price climbed to $749 per tonne from $518, a rise the company linked to the Middle East conflict.
Total liftings reached 3.396 million TEU, up from 3.257 million TEU. The average freight rate increased to $1,709 per TEU from $1,252.
"Solid cargo demand, together with port congestion and adverse weather, absorbed effective vessel capacity and tightened the market overall," the company said.
Asia–North America volumes rose to 1.035 million TEU from 917,000 TEU. US inventory restocking, Asian port congestion and Panama Canal restrictions caused by water shortages pushed transpacific rates higher.
Asia–Europe volumes held steady at 778,000 TEU, but rates edged down. With more capacity entering service and the industry slowly resuming its use of the Suez Canal, supply on that trade loosened.
ONE expects spot rates to ease in the second half as demand softens seasonally, though they are forecast to remain above the levels in its previous forecast. The new outlook assumes current Strait of Hormuz conditions will continue through the end of FY2026 and that Suez Canal transits will gradually resume.
The company had already raised its forecast from $300 million to $900 million in August. At that time it assumed Hormuz conditions would stabilise to pre-conflict levels in October.
