ONE‘s full year result for FY2022 is US$14,997 million, a decrease by US$1,759 million from the previous year. Strong market conditions continued during the 1H, but in 2H the market weakened quickly due to the recovery of tonnage availability as a result of the normalization of the supply chain, and a sharp decrease of demand.
- A decline in demand became more pronounced in the 4Q, against a backdrop of a high goods inventory ratio in the US and falling consumption in Europe due to rising inflation.
- On the supply side, tonnage utilization improved as congestion eased. Blank sailings continued since the end of the calendar year 2022 in response to the decrease in demand.
- Supply and demand balance softened at an even faster pace despite blank sailings to address decrease of volume, resulting in decreased spot freights in Q4 QoQ.
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Source: ONE