BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry



« News Home
:: Monthly Archive

News Topics
:: Air Pollution
:: Agreements & M&A's
:: Alternative Fuels
:: BunkerBlog
:: Cargoes & Storage
:: Company News
:: Efficiency, Costs & Charges
:: Environment
:: Events
:: Financial
:: Fuel Quality & Testing
:: Lubes & Additives
:: Oil Spills
:: People
:: Port News
:: Projects
:: Regulation, Legal
:: Services, Products,Technology
:: Statistics & Research
:: Vessels

Regional Archive
:: Americas
:: Asia/Oceania
:: Europe
:: M.East/Africa


BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
Home » News



ONE records $120m loss as average fuel price is $24 higher than expected

Boxship firm now predicting a $61 QoQ leap in marine fuel prices for the next three-month period.



The container vessel One Aquila, operated by Ocean Network Express (ONE). Image credit: Ocean Network Express (ONE)


Updated on 31 Jul 2018 09:12 GMT

Ocean Network Express (ONE) reports that it posted a first-quarter (Q1) net loss (after tax) of $120 million, which was said to be mainly due to higher-than-anticipated bunker prices and operational teething issues during the firm's start-up period.

The Japanese transportation firm - which is jointly owned by Kawasaki Kisen Kaisha (K Line), Mitsui O.S.K. Lines (MOL) and Nippon Yusen Kaisha (NYK Line) - said the average bunker price paid by its vessels between April and June was $407 per tonne.

As the business was established in July 2017, there is no data from the previous year for comparison, but in its three-year business plan for 2018-2020, released in April, ONE had forecast an average bunker price of $383 per tonne for each individual year - $24 below the mean fuel price later seen in Q1.

As a result, these figures have been revised upwards, with ONE now predicting a quarter-on-quarter (QoQ) jump in the average bunker price of $61, or 15.0 percent, to $468 per tonne in fiscal Q2, which runs between July and September.

For the first half (H1) and second half (H2) of the fiscal year, ONE is forecasting an average bunker price of $440 and $468 per tonne, respectively.

And ONE's full-year forecast is now $454 per tonne, which is $71, or 18.5 percent, higher than April's price prediction.

Despite the Q1 loss of $120m, ONE still expects to achieve a full-year net profit of $110m - as specified in the three-year business plan - but also envisages "higher bunker price[s] will have a negative impact".

The previous forecast of $3m net profit for H1 has been revised to a loss of around $38m (which would require a Q2 net profit of $82m to reach this target following the Q1 $120m loss), whilst the $107m net profit predicted for H2 has been revised upwards to $147m.






Related Links:

MOL posts Q1 loss as average bunker price rises 37%

Latest News:

Experience-building phase gains support at MEPC 73
Holland America to outfit 11 ships for shore power following three-vessel project
IMO approves Initial Strategy follow-up programme
Renewable methanol offers long-term CO2 reduction solution: MethaShip
Oil and fuel oil hedging market update
Oil slips on likely rise in Saudi output and weekly oil stocks
Verifavia signs up Wallem and Seaborn
ExxonMobil launches cylinder oil for IMO 2020 fuels
The lowdown on bunker spill paperwork required in Singapore
MEPC 73: HFO ban events scheduled
Oil and fuel oil hedging market update
Brent climbs above $80 as supply concerns take centre stage




Page Links:

Prices
Africa
Asia
Latin America
Middle East
North America
North Europe
South Europe
Index Summary
Price Highlights
Commentaries
Futures
Prices
Antwerp
Busan
Fujairah
Houston
Istanbul
Kaohsiung
Las Palmas
Maracaibo
New Orleans
Piraeus
Rio de Janeiro
Rotterdam
Santos
Singapore
News
Latest News
Blogs
Archive
Americas
Asia
Europe
Middle East
News
Air Pollution
Agreements & M&A's
Alternative Fuels
Cargoes & Storage
Efficiency, Costs & Charges
Environment
Events
Financial
Fuel Quality
Lubes & Additives
Oil Spills
People
Port News
Projects
Regulation/Legal
Services, Products, Technology
Statistics & Research
Vessels
Contact & Terms
Contact Us
Advertise
Terms & Conditions
Privacy Policy
Events
Upcoming Events