Ocean Network Express (ONE), a global container operator led by newly appointed CEO Till Ole Barrelet, has announced a tripling of profits in 2026 from $300 million to $900 million. ONE is one of the operators that has successfully navigated the geopolitical turmoil and disruptions to port terminal operations.

Demand for container space has increased as liner services have expanded. Containers continue to sail around the Cape of Good Hope between Asia and Northern Europe, and the situation is not looking up. ONE is implementing container freight rate increases in response to strong demand for container shipping and the extension of service due to threats in the Red Sea.

Ocean Network Express (ONE) announced its financial results for the first quarter of fiscal year 2026, covering the period from April 1 to June 30, 2026, in early August. During the quarter, ONE generated revenue of $4,539 million and recorded a net profit of $31 million.

ONE Financial Results. Source: “ONE Q1 FY2026 Financial Results.”

ONE, headquartered in Singapore, is one of the leading liner operators. It operates a fleet of over 280 vessels with a capacity exceeding 2.2 million TEU. Thanks to its extensive network, ONE offers container deliveries to seaports in over 120 countries. The Polish ports of Gdynia and Gdańsk are also included in the European short sea shipping network.

The first quarter of this year was extremely challenging for liner operators. Disruptions in oil production and supply in the Middle East increased fuel costs and operating costs across the industry. ONE is a shipowner that has perfectly adapted to customer needs and market demands. It has coped remarkably well with geopolitical turmoil and disruptions in port terminal operations.

– As demand increased, we improved efficiency during the quarter and maintained high cargo capacity utilization – Till Ole Barrelet, CEO of Ocean Network Express, explained the financial results achieved between April 1 and June 30, 2026. This effect was achieved by well-building the fleet structure and optimizing the network of liner connections between markets.

ONE’s container fleet. Source: “ONE Q1 FY2026 Financial Results”

“Ocean Network Express’s decision to triple its full-year profit forecast to $900 million is an important signal. July-September will now reveal whether higher rates can cover higher fuel and connection costs,” comments Maritime Analytica.

Sophie Tremblay of MacMillan Supply Chain Group emphasizes: “A great update! At MacMillan Supply Chain Group, we know how important operational agility and service reliability are in navigating today’s changing supply chain landscape. We are pleased that ONE continues to focus on resilience, customer service, and long-term value.”

Gdynia and Gdańsk on ONE

Ocean Network Express (ONE) recently launched a connection between its Gdańsk and Gdynia container terminals and ports in Northern Europe and the Iberian Peninsula. The weekly Iberia Baltic Express (IBX) service provides sea transport between Baltic Sea ports from Klaipėda and Riga to Bremerhaven, Rotterdam, and Leixões. Starting in May 2026, weekly vessels with a capacity of 1,000 to 1,800 TEU will provide regular container transfers.

Gdynia and Gdańsk on the IBX service. Source: ONE 2026 INTRA EUROPE TRADE SERVICE

Gdańsk is one of the first Baltic ports on the northern route, enabling rapid pickup of cargo from Portugal and Spain (via Leixões and Lisbon) with minimal transhipments. Gdynia, in turn, completes the Baltic port sequence before returning to Northern European hubs, offering flexible options for exporters and importers from Pomerania and the Polish interior, as reported in GospodarkaMorska.pl.

ONE explains that “The new connection [with Polish ports – MG] shortens transit times between Portugal and Poland, eliminating the need for additional transhipments in Western European ports. This significantly strengthens ONE’s offering in Poland – alongside existing feeder services from Gdynia.”

With the launch of the new ONE connection, shippers have gained direct access from the Central European market to Southern Europe. “The service is particularly beneficial for the food, automotive, chemical, and consumer goods industries, where fast and direct transport between Portugal and Poland is crucial,” ONE promotes.

A 2026 1 Quarter of Records

After a weaker first quarter of 2026, “cargo demand changed significantly during the quarter, from mixed demand in April to a sustained recovery in May and June,” states ONE’s Q1 FY2026 Financial Results report. Containerized cargo supply increased as logisticians increased loadings ahead of the announced fuel surcharge increases.

Container imports to the US increased by 8.2% year-on-year in June. Source: Descartes

Forwarders and importers piled on orders for goods from China ahead of potential tariff changes. This was also a focus on replenishing inventories in the corporate and retail markets. “This fueled strong demand in trans-Pacific trade,” according to the “Q1 FY2026 Financial Results.”

Indeed, container imports to the US increased by 8.2% in June compared to June 2025, reported Lisa Baertlein of Reuters, citing analysis by Descartes Systems Group (DSG.TO). In the US market, importers rushed orders from Pacific Rim countries to “avoid potential new tariffs and higher transportation costs related to the US-Israeli war in Iran.”

In June, US seaports handled over 2.4 million TEU. In the first half of 2026, imports fell 0.3% compared to the same period in 2025, according to Jackson Wood, Director of Industry Strategy at Descartes. Lisa Baertlein reports that “Analysts and shippers say many importers moved cargoes earlier to anticipate the July 1st increase in ocean freight costs.”

In the second half of the year, liner operators increased freight charges by fuel surcharges, passing on the rise in oil prices caused by the Gulf War to customers.

Importers also increased shipments to the US market, as many anticipate the US will impose new tariffs on companies using forced labor in the production of goods. China accounted for most of the increase in US imports this year. Import volumes from China rose 27.4% year-over-year, reaching 814,474 TEU in June, according to Jackson Wood, Director of Industry Strategy at Descartes.

Asia-Europe trade has also seen a revival, ONE reports, noting that “increased demand for cargo from China has been clearly noticeable.” This was reflected in increased container transshipment in the European Union, including at Polish container terminals.

Top 10 Container Operators. Source: AXS Marine

Operational Agility

The global fleet expanded by over 300,000 TEU during the second quarter of this year – notes the threat of oversupply in the ONE containership fleet. AXS Marine reports that as of early August, 6,807 containerships offered cargo capacity of exactly 34,156,383 TEU. Over 800 other vessels are offering container transport on board, providing additional capacity for approximately 420,000 TEU.

Disruptions to container ship passages in the Strait of Hormuz and persistent port congestion have excluded some of the newly acquired container ship capacity. This has limited the availability of cargo space and made it difficult to plan and efficiently utilize the additional supply of vessels. Sailing schedules have become only indicative plans for vessel arrivals and departures.

Till Ole Barrelet, CEO of Ocean Network Express, explains the strategic actions: “We have raised our full-year forecast and remain focused on operational flexibility as the situation evolves. This reflects the commitment of our global team and the continued progress in executing our ONE2030 strategy.”

Logistics manager Dustin Fahey notes on social media that “The ONE update accurately reflects what major operators have been facing this year: a return of demand, but only after a quarter dominated by volatility, diversion, and increased operating costs.” “In the face of ongoing market uncertainty, our priority is to protect our employees and assets, ensure reliable service to our customers, and deliver sustainable, long-term value for our stakeholders,” CEO Till Ole Barrelet emphasizes Ocean Network Express’ priorities.

“What stands out in Barrelet’s statement is the emphasis on efficiency discipline and product utilization,” Fahey writes. This is reflected in the new profit forecast. In his opinion, the CEO of Ocean Network Express “is signaling confidence.”

However, the operator remains cautious. “Operational agility” is the right term. The industry operates in a world where geopolitical risks, port congestion, and regulatory pressures can change conditions overnight. The operators that will outperform will be those that can adapt networks and reallocate resources,” says Dustin Fahey.

Freight structure on ONE’s leading liner services. Source: “ONE Q1 FY2026 Financial Results”

ONE explains in its report that “supported by strong demand for cargo space, supply and demand conditions tightened, and freight rates continued to rise on many trade lanes.” In the Asia-Europe trade, persistent terminal congestion limited capacity and further exacerbated conditions. Ongoing instability in the Strait of Hormuz continues to disrupt shipping. This prevents carriers from resuming direct connections to Persian Gulf ports and prevents manufacturers, including Poland, from accessing markets with significant demand for many suppliers.

The East-West 2026 service, launched in April, has delivered positive marketing and operational results in the Northern European market. The report emphasizes that it has provided “greater reliability through an improved global network, while also strengthening overall network stability in the face of geopolitical uncertainty and persistent port congestion.” Marketing and operational activities are the basis for increasing the customer base, developing the market and, consequently, increasing sales and profits.