Ocean Network Express announces financial result for FY2023

SINGAPORE : The revenue for FY2023 was US$14,536million, down 50% from the last year, with net profit of US$974million (YoY -US$14,024million).

The short-term freight rate market continued to decline due to sluggish cargo movements and pressure from supply side as new vessel deliveries continued. However, freight rates rose due to geopolitical uncertainty surrounding the situation in the Middle East in 4Q.

For the full year forecast for FY2024, profit is expected to be around US$1,000million, a slight increase from the previous year, as the current economic and geopolitical environment are expected to continue for the time being.

Jeremy Nixon, CEO of Ocean Network Express says, “We will continue to monitor the situation carefully, focusing on maximizing profit by flexible tonnage deployment and efficient equipment control based on demand.”