# ONE reports sharp profit increase and raises annual outlook

- **Source:** https://pelavox.com/one-q2-fy2026-results-profit-outlook/
- **Publisher:** pelavox. (The voice of shipping)
- **Author:** Jason Nicholson
- **Published:** 2026-11-04T22:00:00+00:00
- **Updated:** 2026-11-04T08:38:32+00:00
- **Section:** Business / Company Results
- **Type:** News
- **Topics:** Ocean Network Express

Ocean Network Express (ONE) reported a substantial increase in profitability for the second quarter of its 2026 financial year, supported by stronger freight rates, higher cargo volumes and capacity constraints across major container shipping routes.

The Singapore-based container carrier recorded net profit of US$1.318 billion for the July–September 2026 quarter, compared with US$285 million in the corresponding period last year. Revenue increased to US$6.274 billion from US$4.455 billion, while EBITDA reached US$1.988 billion, up from US$881 million.

Operating profit (EBIT) rose to US$1.358 billion from US$282 million, with the EBIT margin improving to 21.6% from 6.3%. The EBITDA margin also increased, reaching 31.7% compared with 19.7% a year earlier.

ONE attributed the improvement to higher container liftings and stronger freight rates, as demand remained firm across several major trades. Port congestion, adverse weather and other supply chain disruptions also restricted effective vessel capacity, contributing to tighter market conditions.

The carrier transported approximately 3.396 million TEUs during the quarter, compared with 3.323 million TEUs a year earlier. Its average freight rate increased to US$1,709 per TEU from US$1,252, reflecting the stronger pricing environment.

The improvement came despite rising operating expenses, including higher vessel costs and fuel prices. ONE reported an average bunker price of US$749, compared with US$518 in the same quarter of the previous financial year, with the company linking the increase partly to the conflict in the Middle East.

## Transpacific demand supports earnings

ONE reported continued strength in the Transpacific market, supported by inventory replenishment in the United States and demand for data centre equipment and industrial materials. Port congestion in Asia and water shortages affecting Panama Canal operations further constrained available shipping capacity, contributing to higher freight rates.

Conditions on the Asia–Europe trade were more mixed. Although cargo volumes remained relatively stable, the anticipated increase in shipments ahead of China’s Golden Week holiday did not materialise. Additional vessel capacity and the shipping industry’s gradual return to Suez Canal routes also contributed to softer freight rates on the trade.

The carrier highlighted persistent operational challenges across its network, including typhoons affecting East Asian ports, congestion at European terminals and low river levels disrupting inland transport. These conditions absorbed part of the industry’s available capacity and affected service reliability.

During the quarter, ONE deployed additional sailings in response to cargo demand, adjusted capacity allocation and continued optimising its service network. The company also adapted its operations to developments in the Red Sea and Middle East, including arrangements for alternative feeder connections.

## Annual profit forecast revised upward

Following its stronger first-half performance, ONE raised its full-year FY2026 net profit forecast to US$2 billion, compared with its previous projection of US$900 million.

The company also increased its annual revenue forecast to US$21 billion from US$19.4 billion, while its EBITDA projection rose to US$4.7 billion from US$3.6 billion. The revised EBIT forecast stands at US$2.2 billion, double the previous estimate of US$1.1 billion.

For the first six months of FY2026, covering April through September, ONE reported revenue of US$10.812 billion and net profit of US$1.348 billion, compared with US$8.504 billion and US$371 million respectively in the corresponding period of the previous year.

Looking ahead, the carrier expects spot freight rates to soften during the second half of its financial year as seasonal cargo demand eases. Nevertheless, rates are projected to remain above the assumptions used in its previous forecast, with a modest recovery anticipated ahead of the Chinese New Year.

ONE’s outlook assumes that current conditions in the Strait of Hormuz will persist through the end of FY2026 and that vessel transits through the Suez Canal will gradually resume. These assumptions remain important factors in the company’s assessment of future freight rates and operating conditions.

As of 30 September 2026, ONE operated a fleet of 280 vessels with a combined capacity of approximately 2.27 million TEUs. Its orderbook, including long-term charter arrangements, comprised 51 vessels, with five additional deliveries scheduled for the remainder of the financial year

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Cite as: "ONE reports sharp profit increase and raises annual outlook", pelavox., 5 November 2026, https://pelavox.com/one-q2-fy2026-results-profit-outlook/