Japanese liner operator Ocean Network Express (ONE) saw big profits during the first quarter of its fiscal year, despite the global Covid-19 pandemic.
Net profit was $167m, up from $5m a year ago, which equates to a year-on-year increase of over 3,170%.
ONE said the profit was realised due to a combination of factors, comprising a "relatively stable short-term market, cost reduction by flexible fleet size adjustment and extra void sailings, and preceding effect of sharp bunker price drop before being followed by decrease in...
