Japanese carrier Ocean Network Express (ONE) reported a net profit of $16.8 billion for financial year 2021, an increase of over $13 billion from the previous year due to continued high spot freight market, resulting from tight supply and demand.

Revenue more than doubled to $30 billion from $14 billion in FY2020. Liftings remained mostly unchanged (up 1 percent) at 1.2 million TEUs.

2022 forecasts

'As the impact on the entire global supply chain (mainly due to the spread of Covid-19 infections around the world) continues to be very wide-ranging, including ports and inland, it is therefore extremely difficult to predict when the situation will be resolved. In addition to the prolonged Russia/Ukraine hostilities and the Covid-19 lockdown in the Shanghai region, there are a number of simultaneous events that could have a significant impact on our business performance, including US West Coast labour negotiations and rapid inflation on a global scale.

"Under these circumstances it is highly likely that the economic environment will continue to change dynamically in FY2022, it is therefore extremely difficult to announce a reasonable business forecast for the coming financial year and as such ONE's forecasts for FY2022 are yet to be finalised.

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