ONE Profit Plunges 92% as Geopolitics and Overcapacity Squeeze Earnings

Singapore-based liner giant Ocean Network Express reported a modest but resilient profit for fiscal year 2025, navigating weak cargo demand, rising capacity, and mounting geopolitical disruption across key trade lanes.

The company posted full-year revenue of $16.6 billion and net profit of $338 million for the period ending March 2026, down 14% and 92% compared to the previous year, respectively. Fourth-quarter revenue reached $4.04 billion, with profit of $55 million, a 82% drop yoy, as rates showed a late recovery despite sluggish cargo volumes.

CEO Jeremy Nixon credited disciplined cost control and operational efficiency for keeping the carrier in the black amid