FINANCIAL RESULTS FOR FY2022 3RD QUARTER

With changing cargo demands across global markets and an early lunar new year speed bump, the last calendar quarter of 2022 witnessed much weaker cargo demand when compared with the same quarter in 2021. At ONE, we continue to press ahead in our network developments and sustainability measures, enhancing our digital services and improving our operation excellence with our acquisition of 3 container terminals in the US West Coast. We updated the “ONE INITIATIVE” at the end of FY 2022 Q3.

Dear Valued ONE Customers,

Please be advised that effective February 27th, 2023, Ocean Network Express (ONE) will introduce an updated outbound demurrage calculation in the North America region (the US and Canada), matching with the ocean terminals’ Earliest Return Date (ERD) and ONE’s Rail Receipt Date (RRD).

Currently ONE has been applying the concept of the Demurrage Free Receiving Date (DFRD) for the outbound demurrage calculation to avoid factoring in the vessel schedule delay into the outbound demurrage calculation. Effective February 27th, 2023, ONE will implement an updated logic consistent with ERD from the ocean terminals.

We have received the information below from Union Pacific (UP). “Be advised that due to a main line service disruption near Santa Rosa, NM, Union Pacific (UP) will temporarily suspend service between the ports of LA/Long Beach and Council Bluffs, Kansas City, Chicago (Global 4) and Chicago interchange to eastern carriers (Ohio valley)”.

Effective 12:00 local time Tuesday, January 24th, 2023, temporary ingate suspensions will go into effect for the following lanes:

We have received the information below from Union Pacific (UP). “Be advised that due to a main line service disruption near Santa Rosa, NM, Union Pacific (UP) will temporarily suspend service between the ports of LA/Long Beach and Council Bluffs, Kansas City, Chicago (Global 4) and Chicago interchange to eastern carriers (Ohio valley)”.

Effective 12:00 local time Tuesday, January 24th, 2023, temporary ingate suspensions will go into effect for the following lanes:

Ocean Network Express (ONE) is pleased to announce that we will launch 3 new Southeast Asia to Australia Services. These services will be a direct replacement of our existing services in order to improve service reliability. ONE will continue to deploy our vessels on the services, which are expected to start from early March, subject to regulatory approvals.

In order to continuously provide reliable service and best prevention efforts, Ocean Network
Express (ONE) will implement a surcharge, Compensation for Breach of Agreement (CBA),
for all shipments being misstated. The new level will be applicable across all trade lanes and
services and will be valid until further notice.

Ocean Network Express (ONE) is pleased to announce that the Maputo/Mombasa India Middle East service (MIM) will increase its sailing frequency from fortnightly to weekly in January 2023. In line with this change, ONE will be deploying our vessels to the MIM service.

Ocean Network Express (ONE) is pleased to announce details of the new Altiplano Service (ATS). Connecting Arica and Iquique (Chile) from Callao (Peru), the new ATS service offers extended Northern Chilean coverage.