JAPANESE owned but Singapore based Ocean Network Express (ONE), the world’s sixth-largest shipping line, posted a 91 per cent decline in year-on-year second quarter net profit to US$513 million. However, its bottom line was still much better than it was pre-Covid. In April-June 2019, ONE reported net income of $5 million. In April-June 2018, it lost $120 million. ONE’s Asia-US rates in the most recent quarter were down 68 per cent from the peak in July-September 2022, but were still 22 per cent...