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OCEAN NETWORK EXPRESS released Financial Result for FY2023

SINGAPORE, 30 April, 2024 – Ocean Network Express (ONE) released the Financial Result for FY2023 (from Apr 2023 to Mar 2024). 

The revenue for FY2023 was US$14,536million, down 50% from the last year, with net profit of US$974million (YoY -US$14,024million).

The short-term freight rate market continued to decline due to sluggish cargo movements and pressure from supply side as new vessel deliveries continued. However, freight rates rose due to geopolitical uncertainty surrounding the situation in the Middle East in 4Q.

USD mil FY2023 Year on Year
Full Year
Change Change
Revenue 3,864 14,536 -14,746 -50%
EBITDA 668 2,044 -14,276 -87%
EBIT 223 392 -14,614 -97%
Profit/Loss 356 974 -14,024 -94%


For the full year forecast for FY2024, profit is expected to be around US$1,000million, a slight increase from the previous year, as the current economic and geopolitical environment are expected to continue for the time being.

Jeremy Nixon, CEO of Ocean Network Express says, “We will continue to monitor the situation carefully, focusing on maximizing profit by flexible tonnage deployment and efficient equipment control based on demand.”

The financial results for FY2023 can be downloaded here.

About Ocean Network Express (ONE)

Ocean Network Express (ONE) was incepted on July 7, 2017 following the liner service integrations of Kawasaki Kisen Kaisha (“K” LINE), Mitsui O.S.K. Lines (MOL) and Nippon Yusen Kaisha (NYK). The new entity functions from its global headquarter in Singapore, supported by regional headquarters in Hong Kong, Singapore, the United Kingdom, the United States, Brazil and the United Arab Emirates. Operating more than 230 vessels, it offers an expeditious and a reliable international network of over 180 services to 120 countries and beyond. ONE is the world’s sixth largest container carrier with a fleet size of approximately 1.8 million TEU. ONE is a member of THE Alliance (THEA), a global ocean carrier consortium.

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