The protracted merger to create a Japanese container shipping giant is not over. Ocean Network Express (ONE), the merged box shipping vehicle created 13 months ago by Mitsui OSK Lines (MOL), Nippon Yusen Kaisha (NYK) and Kawasaki Kisen Kaisha (K Line), has yet to resolve its terminal holdings issues. While the three Japanese shipping lines intend to keep their domestic terminals to themselves, the plan had been to transfer all overseas terminals to ONE by the end of its first financial year, which closed a month ago.
“The transfer has been repeatedly delayed since April 2018, due to the shareholders’ inability to agree upon a valuation of the assets to be transferred,” Alphaliner reported in its latest weekly report.
The three lines have extensive terminal holdings in Asia, Europe and North America.
ONE reported $10.9bn in revenues and a massive $586m loss in its first year. It expects a 17% jump in revenue this year to $12.7bn and an $85m profit.