Shipping line Ocean Network Express reported on Friday that its quarterly profits had “increased significantly” – skyrocketing to 326%.

The Singapore-based carrier said profit for the second quarter of fiscal year 2020 was $ 515 million, up to $ 394 million from a profit of $ 121 million in the same period last year. ONE’s fiscal year runs from April 1 to March 31 of the following year.

“This significant increase was mainly due to improvements in the short-term freight market after the freight demand stabilized.” – ONE said.

According to an analysis published on LinkedIn, SeaIntelligence Consulting CEO Lars Jensen said ONE’s results showed “solid and good improvement”. Besides, he added: “If you look closely at the data above, there are some additional details that need to be noted.”