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Thursday, 03/11/2022, 15:29 (GMT +7)
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ONE forecasts profit lower as market demand and freight rates decrease
ONE (Ocean Network Express) expects profit for the second half of fiscal 2022 to be lower than the profit it reported for the second quarter alone due to the impact of falling demand and a deteriorating freight market.
ONE's container vessel (Photo: ONE)
Reporting results for the second quarter ended September 30, 2022 ONE posted $5.52 billion in profit over the three-month period, up from $1.32 billion year-over-year.
The company recorded a sudden drop in demand in August and September, along with a sharp drop in spot container freight rates.
“Despite the ongoing deterioration in market conditions, freight rates remained higher throughout the second quarter than the same period last year, supporting profit figures,” said ONE.
In the first half of fiscal 2022, the Japanese-owned container shipping company reported a profit of $11.02 billion.
Looking at the second half of fiscal 2022, ending March 31, 2023 ONE expects a significantly lower profit margin than reported for the first half of the year. “The decline in transport demand is expected to continue throughout the second half of the year, resulting in a forecast profit after tax of US$4,250 million in the second half of FY2022,” the carrier said.
As a result, the full-year profit forecast for fiscal year 22 is $15.27 billion, about $1.49 billion lower than the previous year. This reflects reduced demand and a deteriorating freight market.
Source: Phaata.com (According to ONE | Seatrade-Maritime)
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