Ocean Network Express Posts Record-Breaking FY2024 Results Amid Global Challenges

Ocean Network Express (ONE), the Singapore-based shipping giant, has reported outstanding financial performance for the fiscal year ending March 31, 2025. The company’s results reflect a period of extraordinary growth across all major financial metrics, even as global geopolitical tensions and recent tariff changes introduced significant market uncertainties.
The company achieved a net profit exceeding US$4.2 billion, marking an incredible 336% increase compared to the previous year. Its operating profit before interest and taxes (EBIT) surged by nearly nine times, reaching roughly US$3.8 billion. Revenue growth was equally impressive, climbing 32% to surpass US$19.2 billion, while EBITDA (earnings before interest, taxes, depreciation, and amortization) more than doubled, rising 192% to approximately US$5.9 billion. These figures demonstrate ONE’s strong operational capabilities and the resilience of its business model.
Container volumes also continued to expand steadily, increasing by 6% to reach 12.75 million TEUs. This growth highlights sustained global demand for shipping services and the effectiveness of the company’s operational efficiencies across its extensive worldwide network.
Despite these remarkable results, ONE acknowledged that predicting full-year profits remains challenging due to ongoing geopolitical tensions and the impact of new tariffs introduced in April. Consequently, the company has set a broad forecast for FY2025, estimating net income after tax to be between US$250 million and US$1.1 billion.
CEO Jeremy Nixon expressed pride in the company’s resilience and achievements, noting that the strong performance was realized despite regional and international uncertainties. He highlighted the launch of the Premier Alliance in February, a new partnership designed to expand service coverage and improve customer offerings. Nixon reaffirmed ONE’s unwavering commitment to delivering reliable, end-to-end shipping solutions that meet the evolving needs of customers worldwide.
Currently ranked as the sixth-largest container shipping operator globally, ONE’s fleet capacity exceeds 2 million TEUs. The company is actively expanding its fleet, with 49 new vessels on order as of the end of March 2025, underscoring its ongoing investment in growth and market presence.