Falling revenues failed to halt soaring profits at Ocean Network Express (ONE) as the Singapore-based carrier recorded net profits of US$167 million, in the period from April to June 2020, the carriers’ first quarter.
Aided by a 20% decline in the price of bunkers and careful capacity management during the peak of the Covid-19 lockdown in Europe and the US, bolstering freight rates, the line managed to limit its revenue decline to 4.8%, achieving income of US$2.74 billion: even as volumes...
https://container-news.com/rate-recovery-and-falling-fuel-costs-helps-one-to-q1-profit/