Ocean Network Express (ONE) recorded a net profit of $31 million in the first quarter of its 2026 financial year, down from $86 million in the corresponding period last year.
The Singapore-based container carrier generated revenue of $4.539 billion during the three months from April to June 2026. This was $490 million higher than the $4.049 billion reported for the first quarter of FY2025.
While revenue increased year on year, the reduction in net profit reflected higher costs during the period. ONE said stronger lifting volumes and freight rates supported its earnings, but these gains were offset by increased operating, variable, bunker and overhead expenses.
Earnings before interest, tax, depreciation and amortisation reached $707 million, compared with $616 million a year earlier. The EBITDA margin rose from 15.2 per cent to 15.6 per cent.
Earnings before interest and tax increased to $76 million from $38 million, while the EBIT margin rose from 0.9 per cent to 1.7 per cent.
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Compared with the final quarter of FY2025, first-quarter revenue increased by $497 million. EBITDA was $12 million lower and net profit declined by $24 million on a sequential basis.
Bunker costs were among the pressures reported during the quarter. ONE’s average bunker price reached $666, up from $535 in the first quarter of the previous financial year and $440 in the preceding quarter.
Despite the year-on-year increases in EBITDA and EBIT, higher expenses left net profit $55 million below the result recorded a year earlier.
Till Ole Barrelet, Chief Executive Officer of ONE, said: “The first quarter reflected a demanding market, with Middle East disruption raising fuel and operating costs across the industry. As demand recovered through the quarter, we improved yields and maintained high utilization. We have raised our full-year forecast and remain focused on operational agility as conditions evolve.”
ONE confirmed that it had raised its full-year forecast following the first-quarter performance. The carrier said demand recovered during the quarter, supporting improved yields and vessel utilisation.
The first-quarter figures cover the opening three months of ONE’s FY2026 reporting period. The company closed FY2025 with annual revenue of $16.62 billion and a net profit of $338 million, before entering the new year with higher quarterly revenue but a narrower profit.
For more information:
Ocean Network Express – https://eua.one-line.com/
