SINGAPORE-HEADQUARTERED Ocean Network Express (ONE)
of Japan, like its competitors, has benefited from
towering rates, which were turned into a profit close to US$1 billion in
the last quarter of 2020.
The Japanese ocean carrier recorded a net profit of
$944 million for its third quarter, October-December, and
expects to see profits of $2.5 billion for the full year.
That would represent an astonishing 172 per cent
upgrade on its November guidance, thanks to huge hikes in freight rates
hitting the carrier's bottom line.
Moreover, it would appear that ONE is being conservative
with its $900 million net profit Q4 forecast for January to March, given the
impact of even higher rates well into this quarter.
Q3 revenue surged by 29 per cent, compared with Q3 19, at
$3.76 billion.
ONE does not release data on its total liftings, but on the
main Asia-US and Asia-Europe headhaul routes it did reveal it carried 730,000
TEU and 402,000 TEU respectively during the period, achieving over 100 per cent
utilisation on both trades, due to its deployment of extra loaders.
Based on its own freight index, set at 100 in 2018, ONE's
average rate per TEU in the quarter stood at 125 percentage points for Asia-Europe
westbound, and 140 Asia-US eastbound, compared with just 98 and 104 for the
same quarter of 2019.
The carrier also said that it had benefited from a
reduction in bunker price from $417 to $314 per tonne.
"The resurgence of Covid-19 has led to labour
shortages and operational restrictions in many locations, which has resulted in
port congestion and longer port stays, due to lower productivity and heavy rail
and truck traffic," said ONE.
It had chartered additional ships and deployed extra
sailings in order to recover schedule integrity and to "rescue
rolled cargo".
Currently ONE is the sixth-ranked container line by
capacity, with a fleet of 224 ships and an operating capacity of
1.6 million TEU, reports UK's The Loadstar.
Source : HKSG.
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