Jeremy Nixon, CEO of Singapore-based container line ONE, described the economic outlook in North America and Europe as "more encouraging" in his message announcing the carrier's FY2023 Q3 results.

He believes that consumer spending "started to recover on an annualised growth comparison basis, which has led to some positive inventory restocking developments over the last quarter."

Nevertheless, Nixon highlighted the impact of the Red Sea situation, saying it "will have a material impact on both transit times and the ability to maintain weekly sailing frequencies on the Asia-Europe and Asia-USEC trades over the next quarter."

ONE's financial results for Q3-2023 dropped by USD 83 million during the course of the three months, which is less than the USD 187 million it made the previous quarter. The reported USD 3.4 billion in revenue was almost half of what it was a year ago, even with higher listings.

Between October and December, the company's east-west liftings came to 1.6 million TEU, which was 17% more than the previous year but 4% less than the previous quarter.

On the investment side, ONE revealed that it received six 24,000 TEU vessels which are currently in service on the Asia-Europe route.

In addition, ONE has placed an order for an additional 13,000 TEU ships with methanol dual-fuel engines in an effort to reduce its greenhouse gas emissions.