Ocean Network Express reported revenue of US$4,074 million for the third quarter of fiscal year 2025, while recording a net loss of US$88 million, reflecting continued pressure from weaker freight rates and an oversupplied market.
The company said the quarter was affected by a persistent increase in vessel supply and slower cargo movement, particularly on the Asia–North America trade. Short-term freight rates declined year on year as newbuild vessel deliveries continued to loosen the supply-demand balance.
Cargo volumes on the Asia–North America route slowed following front-loading earlier in the fiscal year, while Asia–Europe volumes initially stagnated before showing gradual improvement later in the quarter. Despite relatively stable liftings overall, lower freight rates and higher operating and repositioning costs weighed on earnings.
Jeremy Nixon, Chief Executive Officer of Ocean Network Express, said, “Our 3Q FY2025 results reflect a challenging operating environment as we continue to navigate the complexities of the current global landscape. Although market dynamics have impacted our performance during the quarter, we remain focused on disciplined capacity management, cost control, and ongoing network optimization to enhance operational resilience. By leveraging strategic partnerships, we reinforce a reliable service network to better serve our customers.”
For the full fiscal year, Ocean Network Express maintained its outlook, forecasting full-year revenue of US$16,600 million and a full-year profit of US$310 million. The company said it expects a modest recovery in cargo volumes and freight rates in the fourth quarter, while continuing to closely monitor geopolitical developments and global trade conditions.
