ONE's great leap
Singapore-headquartered Ocean Network Express has published its results for its Q3, which covers the period of October to December 2020. ONE’s fiscal year runs from April 1 to March 31.
The quarter saw a particularly strong momentum with a profit of USD 944 million (5 million in Q3 of 2019). In its press release, ONE spoke of a current “sharp recovery in cargo demand and increases in short-term freight market”, which partially explains the success.
ONE decided to make use of this progress by a 15-year charter of six 24,000 teu ultra large container vessels (ULCV) from Shoei Kisen Kaisha.
Furthermore, ONE plans to intensify its cooperation with The Alliance partners Yang Ming, HMM and Hapag-Lloyd. Through The Alliance, ONE said it will offer “greater capacity on trade lanes with greater cargo demand, realising more frequency, improved transit time and a wider coverage of port pairs.” (cd)