Sharp fall in Q1 profits – but ONE’s new network strategy paying off

Ocean Network Express (ONE) reported a sharp fall in quarterly earnings, despite higher revenue, as rising fuel costs and continued disruption in the Middle East offset improving freight rates and stronger cargo demand. The Singapore-headquartered carrier group posted revenue of $4.54bn for the three months of its financial year, to 30 June, up $490m year on year – but net profit fell $55m, to $31 Read full article →