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ONE downgrades financial forecast as volumes and earnings fall
来源：shippingazette 编辑：编辑部 发布：2023/02/03 14:46:45
SINGAPORE-HEADQUARTERED Ocean Network Express (ONE) said it would blank more sailings and detour more ships round the Cape of Good Hope, following falling cargo volumes and earnings from April to December last year.
Net profit for the September-December 2022 period alone had fallen 43 per cent year on year, to US$2.77 billion. For the full year, ONE forecasts a net profit of $14.73 billion, down 4 per cent year on year.
Cumulatively, due to peak turnover in April to August 2022, ONE's revenue for the first nine months of the fiscal year was 14 per cent higher year on year, at $24.64 billion, while net profit was up 18 per cent year on year, at $13.79 billion.
As Covid-19 restrictions and checks began to be lifted worldwide, logistical bottlenecks started clearing, resulting in more tonnage supply.
From September to December, transpacific volumes totalled 746,000 TEU, down from 822,000 TEU in the same period a year ago, while Asia-Europe volumes fell to 611,000 TEU, from 716,000 TEU in the same period.
In his new year message, NYK CEO Hitoshi Nagasawa said ONE was facing "a tidal wave in its business environment" and had to "take countermeasures", reports London's Loadstar.
As a result, the Singapore-based carrier has downgraded its financial forecast for the fiscal year ending March 31, with the carrier expecting no improvement in deteriorating rates and demand through the first two months of 2023.
The carrier expects to record a net profit of $14.7 billion for the full year, down from the previous expectation made in October of $15.3 billion, ONE said in its results statement.
ONE CEO Jeremy Nixon said in a message to customers that the last calendar quarter of 2022 saw far weaker cargo demand compared with the same quarter in 2021.
In response to the challenging market, ONE will optimise the supply of ships and containers, even as it expects to take delivery of nine 15,000 TEU newbuilds commissioned on the back of a long-term charter with Seaspan Corp. The first of those, ONE Freedom, was delivered in October.
Net profit for the September-December 2022 period alone had fallen 43 per cent year on year, to US$2.77 billion. For the full year, ONE forecasts a net profit of $14.73 billion, down 4 per cent year on year.
Cumulatively, due to peak turnover in April to August 2022, ONE's revenue for the first nine months of the fiscal year was 14 per cent higher year on year, at $24.64 billion, while net profit was up 18 per cent year on year, at $13.79 billion.
As Covid-19 restrictions and checks began to be lifted worldwide, logistical bottlenecks started clearing, resulting in more tonnage supply.
From September to December, transpacific volumes totalled 746,000 TEU, down from 822,000 TEU in the same period a year ago, while Asia-Europe volumes fell to 611,000 TEU, from 716,000 TEU in the same period.
In his new year message, NYK CEO Hitoshi Nagasawa said ONE was facing "a tidal wave in its business environment" and had to "take countermeasures", reports London's Loadstar.
As a result, the Singapore-based carrier has downgraded its financial forecast for the fiscal year ending March 31, with the carrier expecting no improvement in deteriorating rates and demand through the first two months of 2023.
The carrier expects to record a net profit of $14.7 billion for the full year, down from the previous expectation made in October of $15.3 billion, ONE said in its results statement.
ONE CEO Jeremy Nixon said in a message to customers that the last calendar quarter of 2022 saw far weaker cargo demand compared with the same quarter in 2021.
In response to the challenging market, ONE will optimise the supply of ships and containers, even as it expects to take delivery of nine 15,000 TEU newbuilds commissioned on the back of a long-term charter with Seaspan Corp. The first of those, ONE Freedom, was delivered in October.