Ocean Network Express released its financial results for the 2025 fiscal year that ended on March 31, 2026, with the carrier reporting a 92% year-over-year dip in profits.

According to an April 30 release, ONE took in $338 million in full-year net profits for the fiscal year, down from $4.24 billion the previous year. That was driven by what the carrier described as "subdued" demand for cargo, as well as geopolitical tensions in the Middle East that have led to increased costs. 

"We continue to navigate a complex and volatile global environment as we enter the new fiscal year," said ONE CEO Jeremy Nixon.

The company is projecting $300 million in profits for the 2026 fiscal year, which would represent an 11% decline from FY2025. Those estimates are based on expectations that the Iran war will continue to snarl shipping, particularly as traffic through the Strait of Hormuz remains at a standstill. As Houthi rebel attacks in the Red Sea have continued, the prospect of resuming routes through the Suez Canal has also become even more uncertain, ONE added, with vessels continuing to reroute around South Africa's Cape of Good Hope.

On April 30, President Donald Trump said that the U.S. blockade of Iranian ports could drag on for months, indicating that the U.S. and Iran remain far apart on potential peace talks. In the meantime, carriers will likely continue to take on added costs from rapidly rising war risk insurance rates, higher fuel consumption tied to longer rerouted voyages, and mounting tanker delays stemming from the closure of the Strait of Hormuz.