Ocean Network Express (ONE) has revealed its financial results for FY2023, which show a 50 per cent decline in revenue.
The revenue for FY2023 was $14.53 billion, a 50 per cent decrease from the previous year, with a net profit of $974 million and a year-over-year (YoY) loss of $14.02 billion.
Short-term freight rates continued to fall owing to slow cargo movements and supply-side pressure as new vessel deliveries continued. However, freight prices increased in Q4 due to geopolitical risks in the Middle East.
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.
| USD mil | FY2023 | Year on Year | ||
| 4Q Results |
Full Year Results |
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% |
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Source: ONE Line
