Ocean Network Express (ONE) has released its financial results for the second quarter of its 2025 fiscal year (July to September 2025).

In the second quarter of the 2025 fiscal year, the company generated revenue of $4.45 billion, a year-on-year decrease of 24.0%; EBITDA was $880 million, a year-on-year decrease of 3%; EBIT was $282 million, a year-on-year decrease of 85%; and net profit was $285 million, a year--year decrease of 86%.

The container shipping line faced a challenging quarter as freight rates fluctuated wildly due to uncertainty over tariffs and an excess of vessel capacity However, a surge in freight demand, particularly in the lead-up to the U.S. tariff deadline, helped to boost performance. The Asia-North America Eastbound trade significant growth this quarter, as shippers rushed to ship goods ahead of potential U.S. tariffs, with a surge in demand for cargo in July. Due to this intense frontloading, transpacific volumes picked up, reaching record levels. But as new vessels continue to be delivered and add to market capacity, utilization rates fell, and persistent oversupply to a sharp decline in the spot rates on major east-west routes during the quarter.

"Our performance in the second quarter of the 2025 fiscal year the resilience and stability of ONE in a challenging market environment," said Jeremy Nixon, CEO of Ocean Network Express. "Despite market volatility driven by geopolitical uncertainties, we positive results and ensured profitability in the first half of the fiscal year. Given the current market dynamics, we remain cautious on full-year earnings. We will continue to take actions to our network and optimize our fleet, ensuring that we meet market demand and provide our customers with long-term reliable services."

This cautious stance appears to be justified. Following $371 million profit in the first half of the 2025 fiscal year, ONE now expects profits for the full year to be just $31 million, a $61 million loss in the second half of the fiscal year.

Geopolitical risks in the Red Sea and Gulf of Aden continued to force vessels to sail the Cape of Good Hope, partially absorbing some of the excess capacity in the market. With the global environment still fraught with major uncertainties, ONE said that the overall market environment may not be as robust as initially expected.