Ocean carriers rake in the profits, oil continues to be volatile, a mixed outlook for air cargo, and a likely extension of the Jones Act waiver. Softer domestic demand, currency moves, and 2025 import front-running ahead of tariff deadlines could all be contributing. ONE’s bunker prices jumped to $666/ton from $535 a year ago while lifting its full-year profit outlook to $900 million from $300 million. What’s happening is the industry is passing those costs through to shippers via higher rates, with Asia-US ocean rates up 234% since February. 6% margin, showing the profit boost from war-driven pricing power is being felt broadly across carriers.