Rising Rates Lift All Ships’ Profit Outlook

Ocean Network Express (ONE) closed the first quarter of FY2026 with stronger revenue, improved operating performance, and a significantly higher full-year profit outlook. Revenue reached $4.54 billion, while EBITDA rose to $707 million and margin improved to 15.6%. Container volumes increased to 3.257 million TEUs, supported by higher average freight rates and strong vessel utilization.

The gains came despite sharp cost pressure. Average bunker fuel prices climbed to $666 per ton, up from $535 a year earlier, as Middle East conflict disrupted energy markets. Those costs weighed on net profit, which fell to $31 million from $86 million. Even so, ONE raised its full-year profit forecast to $900 million from $300 million, citing improved yields, recovering demand, and operational agility.

For shippers, the update signals firmer carrier confidence but continued exposure to fuel volatility and geopolitical disruption. TLC is monitoring rate movement, capacity conditions, and cost pressure across key ocean lanes to help customers evaluate options with clarity. Keep your freight strategy on track. Connect with TLC to review your next move.