On 30 January 2026, Ocean Network Express (ONE) has released its financial results for the third quarter of FY2025 (October to December 2025). The revenue for 3Q FY2025 was US$4,074 million, with a net loss of US$88 million.
As of December 31, 2025, ONE controlled a fleet of 279 vessels with a total capacity of approximately 2.18 million TEU, representing an increase from the 271 vessels and 2.09 million TEU capacity recorded at the end of September 2025.
Regarding new ship orders, during the reporting period, ONE had 68 vessels under construction, with 18 new vessels ordered in Q3 and one vessel delivered during the quarter. Growth was primarily concentrated in large-tonnage vessel classes, with significant increases in the 9,800-10,500 TEU and 10,500-20,000 TEU sectors, reflecting ONE’s continued focus on the East-West trunk routes.
In terms of route distribution, the ONE fleet remains primarily deployed on the Asia-North America route (31%) and the Asia-Europe route (27%), with the remaining routes distributed across intra-Asia services and other regional services.
ONE noted that the weak performance in the third quarter of fiscal year 2025 has been reflected in its full-year earnings guidance. The company reported a profit of $371 million for the first half of fiscal year 2025 and now expects full-year profits of $310 million, implying a loss of $61 million for the second half.
ONE stated that its performance from October to December 2025 was impacted by the continued delivery of new vessels, resulting in fleet supply persistently outpacing demand while cargo volumes on major trade routes showed signs of cooling.
Jeremy Nixon, CEO of Ocean Network Express, says, “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.”
Driven by rush shipments prompted by anticipated U.S. tariffs, ONE posted an operating profit of US$285 million in the second quarter of fiscal year 2025, starkly contrasting with the current quarter’s loss.
However, this surge in demand (especially on trans-Pacific routes) was short-lived, and cargo volumes quickly declined as shippers became more cautious. Freight volumes on the Asia-North America route declined both month-on-month and year-on-year, with October and November 2025 showing particularly weak performance after the shipping rush. The Asia-Europe route fared slightly better, with cargo volumes declining slightly after China’s National Day Golden Week holiday and stabilizing towards the end of the year.
On the supply side, the continuous delivery of new vessels has widened the supply-demand gap, putting pressure on the overall quarterly load factor. Spot freight rates remained below the same period last year throughout the quarter, falling further from the already weak levels seen in the second quarter.
Operating costs remain persistently high as vessels continue to detour via the Cape of Good Hope route to avoid security risks in the Red Sea and Gulf of Aden. While the extended voyage has partially absorbed excess shipping capacity, it has also increased transit times and costs.
Looking ahead, ONE maintains a cautious outlook, forecasting a moderate recovery in the fourth quarter of fiscal year 2025. This projection is based on the assumption that the Cape Route will continue operations and cargo volumes will gradually rebound, though the company acknowledges that freight rates remain below anticipated levels.
Facing market weakness, ONE stated it is actively adjusting its cargo mix to optimize revenue management, enhancing schedule reliability by adjusting port calls and rotation schedules, and preparing for the launch of the Premier Alliance’s east-west network in 2026. These measures aim to stabilize service structures and enhance competitiveness.
Ocean Network Express (ONE), headquartered in Singapore, is one of the world’s leading liner shipping companies. It operates a fleet of over 260 vessels with a capacity exceeding 2 million TEUs. Through its extensive global network, ONE provides reliable container shipping services to over 120 countries.