Ocean Network Express said it saw a “significant deterioration” in profit — a 50% drop quarter over quarter.
ONE reported that its fiscal year 2022 third-quarter profit was $2.76 billion, a $2.75 billion plunge from the $5.52 billion reported in the second quarter and a $2.12 billion drop from $4.88 billion in the year-ago period.
In an eight-page PDF posted Tuesday, ONE, established in 2017 through the integration of three Japanese shipping companies, said the profit dive resulted from “a rapid reduction in the short-term freight market.”
