The profit and loss analysis shows that ONE experienced significant gains from higher cargo demand and stronger freight rates in Q1 FY2026. Starting from a Q1 FY2025 profit of $86 million, increased lifting volumes across most trade lanes contributed an additional $172 million, while improving freight rates, driven by a tightening supply-demand balance, added a further $210 million. Higher overhead costs and other expenses further weighed on results, lowering earnings by $42 million and $38 million, respectively. ONE maintained strong cargo volumes in Q1 FY2026, handling 3.257 million TEUs, an increase from 3.165 million TEUs in Q1 FY2025 and the second-highest quarterly volume over the past two fiscal years, although slightly below the 3.323 million TEUs recorded in Q2 FY2025. During Q1 FY2026, the carrier took delivery of one newbuild vessel with a capacity of 13,932 TEUs, further strengthening its fleet.