Ocean Network Express (ONE) has announced its financial results for the first quarter of FY2026, covering the period from 1 April to 30 June 2026.
The container carrier generated revenue of US$4.539 billion and recorded a net profit of US$31 million during the quarter.
Revenue increased from US$4.049 billion in the same period last year. However, net profit declined from US$86 million as higher fuel prices and operating costs offset stronger cargo demand and freight rates.
“The first quarter reflected a demanding market, with Middle East disruption raising fuel and operating costs across the industry,” said Till Ole Barrelet, CEO of Ocean Network Express.
“As demand recovered through the quarter, we improved yields and maintained high utilisation. We have raised our full-year forecast and remain focused on operational agility as conditions evolve,” added Barrelet.
Revenue and operating earnings increase
ONE recorded earnings before interest, taxes, depreciation and amortisation of US$707 million. This compared with US$616 million in the first quarter of the previous financial year.
The EBITDA margin improved to 15.6% from 15.2%.
Earnings before interest and taxes reached US$76 million, compared with US$38 million a year earlier. The EBIT margin rose to 1.7% from 0.9%.
Compared with the fourth quarter of FY2025, revenue increased by US$497 million. However, EBITDA declined by US$12 million, while net profit fell by US$24 million.
| Financial indicator | Q1 FY2026 | Q1 FY2025 | Change |
|---|---|---|---|
| Revenue | US$4.539 billion | US$4.049 billion | US$490 million |
| EBITDA | US$707 million | US$616 million | US$91 million |
| EBITDA margin | 15.6% | 15.2% | 0.4 percentage points |
| EBIT | US$76 million | US$38 million | US$38 million |
| EBIT margin | 1.7% | 0.9% | 0.8 percentage points |
| Net profit | US$31 million | US$86 million | -US$55 million |
Higher bunker costs weigh on profit
ONE said higher fuel prices linked to the Middle East conflict increased its operating costs during the quarter.
The average bunker price reached US$666, compared with US$535 in the same quarter last year and US$440 in the fourth quarter of FY2025.
Stronger lifting volumes and freight rates supported earnings. However, the positive contribution was offset by higher operating, variable, bunker and overhead costs.
ONE maintained high vessel utilisation through capacity management as demand strengthened during May and June.
Container volumes reach 3.26 million TEUs
ONE transported 3.257 million TEUs during the first quarter, compared with 3.165 million TEUs in the same period last year.
The average freight rate increased to US$1,300 per TEU from US$1,199 per TEU. It was also higher than the US$1,154 recorded during the previous quarter.
Transpacific volumes reached 969,000 TEUs, up from 889,000 TEUs a year earlier.
Asia-Europe volumes increased to 769,000 TEUs from 702,000 TEUs. Meanwhile, intra-Asia volumes declined to 738,000 TEUs from 835,000 TEUs.
Volumes across other trades increased to 781,000 TEUs from 739,000 TEUs.
| Trade | Q1 FY2026 | Q1 FY2025 |
|---|---|---|
| Asia-North America | 969,000 TEUs | 889,000 TEUs |
| Asia-Europe | 769,000 TEUs | 702,000 TEUs |
| Intra-Asia | 738,000 TEUs | 835,000 TEUs |
| Other trades | 781,000 TEUs | 739,000 TEUs |
| Total | 3.257 million TEUs | 3.165 million TEUs |
Front-loading supports cargo demand
Cargo demand shifted from mixed conditions in April to a sustained recovery during May and June.
ONE recorded stronger volumes from China due to front-loading ahead of expected fuel surcharge increases and possible tariff changes. Inventory restocking also supported demand, particularly on Transpacific services.
The Asia-Europe trade continued to recover. Port congestion restricted available capacity and contributed to tighter supply-demand conditions.
The global container fleet expanded by more than 300,000 TEUs during the quarter, taking total capacity above 34 million TEUs.
However, disruption in the Strait of Hormuz and continued port congestion absorbed part of this additional capacity.
ONE said instability in the Strait of Hormuz continued to prevent carriers from restoring direct Middle East services during the quarter.
Full-year profit forecast triples
ONE increased its full-year revenue forecast to US$19.4 billion from US$18.5 billion.
The carrier raised its EBITDA forecast to US$3.6 billion from US$3 billion. Its EBIT forecast more than doubled to US$1.1 billion from US$500 million.
The full-year net profit forecast increased to US$900 million from US$300 million.
| Financial indicator | Latest FY2026 forecast | Previous forecast |
|---|---|---|
| Revenue | US$19.4 billion | US$18.5 billion |
| EBITDA | US$3.6 billion | US$3 billion |
| EBIT | US$1.1 billion | US$500 million |
| Net profit | US$900 million | US$300 million |
ONE expects to generate revenue of US$10.2 billion and a net profit of US$750 million during the first half.
For the second half, the carrier forecasts revenue of US$9.2 billion and a net profit of US$150 million.
The updated outlook assumes that operating conditions in the Strait of Hormuz will return to pre-conflict levels in October. It also assumes that vessels will continue to reroute around the Cape of Good Hope throughout the financial year.
ONE fleet reaches 284 vessels
ONE operated 284 vessels with a combined capacity of 2,260,498 TEUs as of 30 June 2026.
The fleet included 12 ships of at least 20,000 TEUs and 75 vessels ranging from 10,000 to 19,999 TEUs.
ONE also operated 85 ships in the 5,000-9,999 TEU range and 112 vessels with capacities of up to 4,999 TEUs.
The carrier received one newbuild of 13,932 TEUs during the quarter.
Its orderbook stood at 53 vessels, including ships secured through long-term charter agreements. Seven additional vessels are scheduled for delivery during FY2026.
