Asia/Pacific News
Singapore-Based ONE Saw Q2 Bunker Consumption Gain 3.7% On Year
Singapore-based shipping firm Ocean Network Express (ONE) reported a 3.7% year-on-year increase in bunker fuel consumption in Q2 2025.
The firm's fleet consumed about 1 million mt of bunker fuels in Q2 2025, up from 969,000 mt in Q2 2024, according to the company's quarterly financial results published on Tuesday.
The Q2 bunker consumption was even higher compared to the previous quarter's 950,000 mt.
The increased bunker consumption may be attributed to a rise in cargo transport demand in July.
"Cargo demand surged in July due to front-loading ahead of looming US tariff deadlines, especially on the Asia-North America trades," the firm said.
ONE's average Q2 bunker fuel price in 2025 stood at $518/mt, down from $585/mt in Q2 2024.
Overall, ONE fleet consumed about 1.96 million mt of bunker fuels in the first half of 2025, up 4.8% from 1.87 million mt in the same period last year.
However, the firm's net profit shrank significantly in Q2 2025.
The company posted a net profit of $285 million in Q2 2025, about 85.7% lower than $1.99 billion a year ago. ONE says lower freight rates dented the revenues.
ONE said its fleet continues to avoid the Red Sea, indicating that it still does not consider the route safe for passage.
The company consumed a total of 3.76 million mt of bunker fuels in 2024, up from 3.45 million mt in 2023.
ONE operates a fleet of over 260 ships, with a fleet tonnage of 2 million TEUs.
