I don't care what business you're in, bringing that kind of loot to the bottom line is impressive.
And ONE is only the sixth largest shipping company with 1.6 million TEUs versus industry leader Maersk with 4.1 -4.2 million TEUs.
From The Loadstar via gCaptain, October 29:
Japanese ocean carrier Ocean Network Express (ONE) said it now expects a net profit of nearly $12bn for its financial year ending 31 March 2022, following a $3.5bn surplus the year before.
ONE posted a profit of $4.2bn for its second quarter, for an H1 result of $6.76bn, but said although cargo demand was still strong, it expected some “volume decrease” around Chinese New Year and anticipates $5bn of profit for H2.
Revenue for Q2 was $7.6bn, up 125% on the year before, from just a 4% increase in liftings, to 3.2m teu, for an average rate of $2,375 per teu. This compares with $1,032 per teu previously.
Apart from a quarter-on-quarter 65% hike in bunker costs, to $509 per ton, ONE said its operational costs had increased “due to faster vessel speeds”.
Interestingly, ONE’s average rate for the quarter was almost exactly the same as OOCL’s $2,383 per teu, revealed in the Hong Kong-based carrier’s operational update.
The average rates may seem low, given the high market rates on some trades, however they reflect the comparatively lower rates on backhaul, intra-Asia and other less-lucrative routes, along with the extremely high-earning Asia to Europe and Asia to North American routes.
Carriers are gradually completing their relatively low-rated contract commitments and replacing them with much higher and longer-term agreements, which, together with a short-term business that remains highly elevated, is working straight to their bottom line results....
....MUCH MORE
So even with all the hassles and headaches, diversions and delays, shipping is having a very good year.
