Ocean Network Express (ONE) reported a 97 percent decline in net profit at $187 million for the second quarter of 2023 compared to $5.5 billion in the same period last year on soft supply-demand balance and short-term freight rates not sustaining their upward trend.

"In North America, cargo movement showed some momentum in August but lacked sustainability against the backdrop of weak general consumption and other factors. In Europe, a gradual recovery trend from the decline in demand caused by high inflation was seen; however it did not lead to a full-fledged recovery in cargo movement," ONE said in its update.

Revenue declined 62 percent to $3.5 billion even as liftings increased seven percent to 3,087,000 TEUs.

For the first half of 2023, profit dropped 94 percent to $700 million on 60 percent decline in revenue at $7.3 billion. Liftings were up marginally (one percent) at 5.9 million TEUs.

For the full year 2023, profit is expected to decline 94 percent to $851 million from $15 billion while revenue is seen dropping 51 percent to $14.5 billion.

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