Logistics

Oversupply of vessels impacts ONE's result severely

ONE has introduced several countermeasures in light of the latest results. Profits plummeted due to low freight rates and a huge influx of new vessels. 
"The supply-demand balance softened due to an increase of newly built vessels, and short-term freight rate levels did not sustain their upward trend,” reads a statement in the quarterly report. | Photo: Pr / Ocean Network Express
"The supply-demand balance softened due to an increase of newly built vessels, and short-term freight rate levels did not sustain their upward trend,” reads a statement in the quarterly report. | Photo: Pr / Ocean Network Express
by TOMAS KRISTIANSEN

Singapore-headquartered container carrier ONE has presented a quarterly result which in many ways reflects the global downturn of the entire industry.

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