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Maritime|Economy

ONE profit shrinks to $31m as Middle East turmoil drives up costs

ONE profit shrinks to $31m as Middle East turmoil drives up costs

Ocean Network Express saw net profit fall 64% year-on-year despite higher revenue, as bunker and operating costs surged.

EV
Editorial Staff3 August 2026

Ocean Network Express has reported a sharp drop in quarterly profit despite higher revenue, with Middle East disruption pushing up fuel and operating costs across its global network.

ONE recorded a net profit of $31 million in the first quarter of its 2026 financial year. That is down from $86 million in the same period last year, a decline of 64 percent.

“The first quarter reflected a demanding market, with Middle East disruption raising fuel and operating costs across the industry.”

Revenue rose to $4.539 billion in the three months from April to June 2026, compared with $4.049 billion a year earlier.

Stronger lifting volumes and freight rates supported the top line. But higher operating, variable, bunker and overhead expenses ate into earnings.

EBITDA reached $707 million, up from $616 million. The EBITDA margin improved slightly from 15.2 percent to 15.6 percent. EBIT doubled to $76 million, with the margin rising from 0.9 percent to 1.7 percent.

Bunker costs were a major pressure point. ONE's average bunker price hit $666 per tonne, up from $535 in the first quarter of the previous financial year and $440 in the preceding quarter.

CEO Till Ole Barrelet said the quarter reflected a demanding market, with Middle East disruption raising fuel and operating costs across the industry. He noted that demand recovered through the quarter, allowing ONE to improve yields and maintain high utilisation. The carrier has raised its full-year forecast.

The sequential picture also shows strain. Compared with the final quarter of FY2025, first-quarter revenue increased by $497 million. But EBITDA was $12 million lower and net profit declined by $24 million.

For Malta's maritime and logistics sector, the numbers carry a warning. ONE is a major player in Mediterranean container traffic, and rising bunker costs and operating expenses in the region's east can quickly affect freight rates and transshipment volumes at Maltese ports. Higher input costs for carriers often mean higher prices for importers and exporters.

ONE closed FY2025 with annual revenue of $16.62 billion and a net profit of $338 million. The first-quarter performance, despite the profit drop, still led management to lift expectations for the full year.