By Mike Schuler
An Ocean Network Express (ONE) containership at the Port of Oakland
Ocean Newtork Express (click here) reported record profit of $5.5 billion in the first quarter of 2022, more than doubling its profit from the same period last year.
ONE said freight rates remained firm despite some softening in supply-demand conditions. Global cargo demand in the second quarter remained steady, with no major breakdown despite the impact of the Shanghai’s lockdown and the Ukraine crisis, ONE said.
On the supply side, port congestion showed signs of improvement in some areas, but supply chain disruptions continued around the world, including deterioration on the east coast of North America. As a result, freight rates remained “significantly higher” than those in the same period last year, increasing ONE’s quarterly profit amount by $2.9 billion of 115%....
Ocean Newtork Express (click here) reported record profit of $5.5 billion in the first quarter of 2022, more than doubling its profit from the same period last year.
ONE said freight rates remained firm despite some softening in supply-demand conditions. Global cargo demand in the second quarter remained steady, with no major breakdown despite the impact of the Shanghai’s lockdown and the Ukraine crisis, ONE said.
On the supply side, port congestion showed signs of improvement in some areas, but supply chain disruptions continued around the world, including deterioration on the east coast of North America. As a result, freight rates remained “significantly higher” than those in the same period last year, increasing ONE’s quarterly profit amount by $2.9 billion of 115%....
