Singapore - Ocean Network Express (ONE) has nearly tripled its net profit forecast FY2024 against an uncertain outlook for container shipping.

For Q1 FY2024 ended 30 June ONE reported a net profit of $779 million up 72% on the same period in the previous year. Revenues for Q1 FY2024 were $4.21 billion up 12%.

Reviewing the market situation the company noted that cargo movements had become stronger against a background of container ship capacity becoming increasingly . . .