FINANCIAL RESULTS FOR FY2022 4TH QUARTER

The ensuing COVID 2022 recovery cycle has brought strong inventory ramp-up for consumer merchandise at destination, leading to an over-correction, with recent sales and inventory levels moving adversely across the global markets. This has resulted in weaker demand in the first calendar quarter of 2023 as compared to that of previous two years'. At ONE, we continue to prudently manage our balance sheet and make strategic investments such as our own evolving decarbonization strategy and upgrading and enhancing our global customer service levels through our new Service Cloud system. We updated the “ONE INITIATIVES” at the end of FY 2022 Q4.

Ocean Network Express (ONE) is pleased to announce that Philippines Express 2
(PHX2) will change its port rotation as follows.

Port Rotation : Singapore – Manila(North) – Cebu - Singapore
Frequency : Bi-Weekly

The new rotation will start from M/V CONTSHIP ERA 081N/S departing Singapore on
the 22nd April 2023.

By the change, ONE will provide a quick, reliable, and efficient transport solution to
Philippines from our transhipment hub – Singapore by our Philippines Express
services.

PHX : Singapore <–> Subic Bay, Manila(N)
PHX2 : Singapore <–> Manila(N), Cebu
PHX3 : Singapore <–> Davao, General Santos

Should you have any questions, please contact your sales account representative or
Customer Service desk for additional information.

Ocean Network Express (ONE) is pleased to announce that the Africa, India and Middle East (AIM) service will increase its sailing frequency from fortnightly to weekly starting from May 2023. This is part of ONE’s commitment to enhance our services in Africa.

To ensure the timeliest cargo availability possible, the vessel YM Target 0011E will be shifted from Trapac Container Terminal (Trapac) to West Basin Container Terminal (WBCT).

ONE’s new Return to Origin (RTO) self-service tool is now available online. We’ll begin directing all RTO requests to the online form, found here.

Ocean Network Express (ONE) is pleased to announce the launch of the ONE Eco Calculator, which calculates carbon dioxide (CO2) emissions from ONE’s operating vessels. The tool is one of the company’s milestones in its journey to net zero.

Due to the sudden unplanned and unannounced actions that took place in Los Angeles/Long Beach, harbor marine terminal operations have been paused and the terminals were closed during the night shift on April 6th and day shift of April 7th, 2023.

We are pleased to inform you that our digital quotation & booking platform ONE QUOTE is currently available for Transpacific and Latin Dry Exports from North America. This complements the other markets we offer ONE Quote for North America including Transpacific Imports, Transatlantic Import/Exports and Latin America Imports.

Ocean Network Express Pte. Ltd. together with the partners forming Poseidon Acquisition Corp. ("Poseidon") has jointly announced with Atlas Corp. ("Atlas") the closing of the previously announced transaction pursuant to which Poseidon has acquired all of the outstanding common stock of Atlas not already owned by the members of Poseidon.