ONE posts $31 million Q1 profit amid Middle East disruption

Estimated reading time: 2 minutes

Ocean Network Express (ONE) reported a net profit of $31 million for the first quarter of fiscal 2026 as disruption in the Middle East increased fuel and operating costs across the container shipping industry.

The Singapore headquartered carrier generated revenue of $4.539 billion during the three months from April 1 to June 30, 2026. ONE released the results on August 4.

ONE said the quarter was shaped by difficult market conditions, particularly disruption in the Middle East, which put additional pressure on fuel expenses and wider operating costs.

At the same time, container demand recovered as the quarter progressed. The carrier said this helped it improve yields while maintaining high vessel utilization.

For container carriers, the combination creates a familiar balancing act. Higher utilization can support revenue and freight rates, but disruption can quickly translate into longer voyages, additional fuel consumption and higher operating expenses.

The company did not provide further details in the announcement on individual trade lane performance or the specific financial impact of the Middle East disruption.

ONE said it has raised its forecast for the full fiscal year, although the brief results announcement did not specify the revised figures.

Till Ole Barrelet, chief executive officer of ONE, said the first quarter reflected a demanding market as disruption in the Middle East pushed costs higher across the shipping industry.

“As demand recovered through the quarter, we improved yields and maintained high utilization,” Barrelet said.

He added that ONE had raised its full year forecast and would continue focusing on operational flexibility as market conditions changed.

The carrier said market uncertainty remains a key consideration for the remainder of the year, with priorities including protecting employees and assets, maintaining service reliability and delivering long term value for stakeholders.

ONE operates more than 280 vessels with combined capacity exceeding 2.2 million TEU, placing it among the world’s largest container shipping companies.

From its headquarters in Singapore, the carrier operates an international container shipping network serving more than 120 countries.

The latest quarterly performance comes as ONE continues implementing its ONE2030 strategy while navigating changing cargo demand, operating costs and disruption affecting major international shipping routes.