Ocean Network Express (ONE) has published its financial results for the third quarter of its fiscal year 2025, covering the months of October to December 2025. During this period, the shipping company achieved revenues of 4.074 billion dollars and closed the quarter with a net loss of 88 million dollars, compared to the profit recorded in the same quarter of the previous year.
According to the company in its quarterly report, financial performance was influenced by a market context characterized by a persistent increase in maritime transport supply and slower cargo movement, especially in the Asia–North America traffic. This scenario led to a deterioration of short-term spot rates compared year-on-year, which had a direct impact on revenues and the group's income statement.
ONE explains that the volume of cargo transported in the quarter was affected by the advance of shipments recorded during the first half of the fiscal year, partly motivated by expectations of tariff changes. As a consequence, cargo flows from Asia to North America decreased year-on-year during the months of October and November. In the case of Asia–Europe routes, the report indicates that traffic initially stagnated, with a decline after the Chinese Golden Week, although it showed a gradual recovery towards the end of the quarter.
The report also points out that the continuous addition of new ships to the global market increased available capacity, creating a looser supply environment and weaker utilization in both North America and Europe traffic. This situation contributed to maintaining short-term rates at levels lower than those of the same period in the previous year.
In operational terms, the gross operating result (EBITDA) for the third quarter stood at 536 million dollars, which represents a significant decrease compared to the previous year. The operating result (EBIT) was negative, with a figure of -84 million dollars. ONE notes that, although the average fuel price saw a year-on-year drop, this effect was offset by increased costs, including those related to ships and port fees, as well as higher variable costs associated with the repositioning of empty containers.
The company highlights that general costs remained stable without significant variations, while total fuel consumption increased slightly due to greater operational capacity. In parallel, the evolution of the cargo mix helped to partially mitigate the impact of volume declines on the income statement.
Regarding the evolution by traffics, ONE indicates that in the Asia–North America trade, both eastbound and westbound, volumes and utilization levels were pressured by excess capacity and weaker demand. In the Asia–Europe routes, utilization fell more sharply, especially westbound, in the context of declining rates during the quarter.
Looking at the overall fiscal year 2025, the shipping company maintains its forecasts, estimating annual revenues of 16.6 billion dollars and a projected net result of 310 million dollars. These forecasts are based on the expectation of a recovery in volumes and rates in the fourth quarter, as well as the continuity of shipping routes via the Cape of Good Hope, given the situation in the Red Sea, which the company continues to monitor.
In response to recent changes in the business environment, ONE details that it has conducted a continuous review of its cargo portfolio to improve performance management, as well as adjustments in port calls and rotations of some services aimed at enhancing the reliability of the itineraries. Additionally, the company has announced the East-West network structure of the Premier Alliance for 2026, aimed at reinforcing the stability of its services