Ocean Network Express (ONE) reported a net loss of US$88 million in the third quarter of fiscal year 2025, as persistent vessel supply and slower cargo movement—particularly on the Asia–North America trade—pushed short‑term freight rates lower year on year.

The carrier, headquartered in Singapore, said cargo volumes on Asia-Europe routes initially stagnated but showed gradual improvemwnt later in the quarter, while continued delivery of newbuild vessels added to market oversupply and loosened the supply-demand balance.

Despite subdued volumes and softer‑than‑expected rates in Q3, ONE expects a recovery in the fourth quarter.

The company anticipates a modest uptick in freight rates, supported by vessels continuing to route via the Cape of Good Hope, while closely monitoring developments in the Red Sea.

"Q3 rates were softer than anticipated; however, we anticipate a modest uptick in Q4. This forecast is based on the expectation that vessels will continuw to route via the Cape of Good Hope," ONE said, adding that it will closely continue to monitor the situation in the Red Sea.

ONE said it will also continue to maintain agile and efficient operations with a focus on delivering high-quality service to customers.

Commenting on the company's third‑quarter performance, ONE CEO Jeremy Nixon acknowledged the difficult market conditions but emphasized ONE's focus on resilience and customer service.

Jeremy Nixon, CEO of Ocean Network Express, says, "Our Q3 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."

He added that by leveraging strategic partnerships, ONE reinforces a reliable service network to better serve our customers.

ONE, one of the world's leading liner shipping companies, operates a fleet of over 260 vessels with a capacity exceeding 2 million TEUs. Through its global network, ONE provides reliable container shipping services to over 120 countries.