OCEAN Network Express (ONE) reported a second-quarter net profit of $1.999 billion, up 969 percent from last year's same quarter, driven by strong cargo movement and early peak season demand.
OCEAN Network Express reported a second-quarter net profit of $1.999 billion, up 969 percent from last year's same quarter, driven by strong cargo movement and early peak season demand.Cargo movements from Asia to North America increased by 18 percent year on year in July and August. ONE attributes this growth to robust domestic consumption in the United States, prompting customers to advance shipments in anticipation of potential supply chain disruptions.
However, the supply-demand balance shifted toward the end of the second quarter, with signs that cargo movement may slow in September as early shipments for the year-end sales season begin to settle.Geopolitical instability continues to challenge the shipping industry. ONE reported that 'rerouting vessels around the Cape of Good Hope persists due to the unstable geopolitical situation.
Net Income Surges To $1.999 Billion In Q2
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