🚨ONE Q3 2025: Profit Today, Loss Tomorrow!
🔥Ocean Network Express in Q3: Rates fall, backhaul collapses, and ONE warns the next two quarters will be loss-making
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🔥 Greetings, Maritime Mavericks!
Ocean Network Express (ONE), the world’s 6th-largest container carrier by operated volume, has delivered a Q3 result that looks healthy at first glance but warns of a much tougher road ahead.
Yes, ONE posted a solid quarterly profit — but only because cargo demand briefly surged in July ahead of U.S. tariff deadlines.
Behind the headline number, utilization is falling, backhaul demand is collapsing, and global oversupply is accelerating.
The company now expects losses in Q4 and Q1, marking one of the sharpest sentiment reversals of the year.
For the container shipping sector, ONE’s updated guidance is not an internal issue — it’s a signal of where global trade and rates are actually heading.
🔍 ONE Q3 2025 — Top 10 Numbers
📊 Key Ratios for Decision-Makers
🌍 Market Reality: Why ONE Is Struggling?
⚓ ONE’s Tactical Response!
✅ What ONE’s Q3 Results Really Means for the Industry?
Let’s dive in…
🔍 ONE Q3 2025 — Top 10 Numbers
1️⃣ Net Profit: USD 285M
*Up sharply from USD 86M in Q2, but down 86% year-on-year
💡This is a tariff-driven bump, not a structural recovery. Once the July front-loading faded, the market returned to oversupply and weak utilization.
2️⃣ Revenue down –24% year-on-year
💡Even with Red Sea diversions absorbing part of the global fleet, new vessel deliveries are overwhelming the rate environment.
3️⃣ EBITDA $881M (–63% YoY) EBIT $282M (–85% YoY)
💡Cost control is solid, but the rate erosion is simply too large. The post-COVID earnings cycle is now fully normalized.