Ocean Network Express (ONE) has revealed its financial results for FY2023, which show a 50 per cent decline in revenue.
The revenue for FY2023 was $14.53 billion, a 50 per cent decrease from the previous year, with a net profit of $974 million and a year-over-year (YoY) loss of $14.02 billion.
Short-term freight rates continued to fall owing to slow cargo movements and supply-side pressure as new vessel deliveries continued.
However, freight prices increased in Q4 due to geopolitical risks in the Middle East.
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The full-year profit prediction for FY2024 is predicted to be about $1 billion, a small rise from the previous year since the present economic and geopolitical scenario is expected to persist for some time.
Jeremy Nixon, CEO of Ocean Network Express said: “We will continue to monitor the situation carefully, focusing on maximising profit by flexible tonnage deployment and efficient equipment control based on demand.”
