JAPANESE container line headquartered in Singapore ONE has reported a US$3.5 billion profit for 2020 - an astonishing leap from the $105 million profit declared for 2019, reports UK's The Loadstar.
The earnings surge came on the back of a 21 per cent increase in annual revenue, to $14.4 billion, as the container shipping market rebounded in the second half of last year.
ONE said: "During Q4, global container volumes continued to increase due to a strong demand for consumer goods. Asia-North America trade volume increased by 40 per cent year on year.
"The global cargo volume also grew year on year in Q4, indicating a steady recovery trend from Q3, which is contrary to 2020's first half when the cargo volume was seriously impacted by Covid-19."
With a raft of blank sailings introduced shortly after the outbreak of the pandemic, ONE managed to maintain near-100 per cent utilisation on sailings on its two largest trades - the transpacific and Asia-North Europe.
Total volumes carried on the headhaul transpacific eastbound leg were 2.76 million TEU, compared with 2.69 million TEU in 2019, although its freight rates were 30 per cent higher last year.
On Asia-Europe, 2020 volumes were 1.56 million TEU, compared with 1.830 TEU in 2019. However, revenues were propped up by a 50 per cent growth in freight rates.
The carrier declined to provide a forecast for its 2021 performance. It said: "The pandemic is expected to ease with the global vaccination roll-out. But the resurgence of Covid-19 and possible variants are still a great cause for concern.
"The full-year 2021 economic environment will change as the global situation of Covid-19 changes. It is therefore extremely difficult to make a performance forecast and, as such, ONE's forecasts for full-year 2021 are yet to be finalised."
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