AsiaPorts and Logistics

ONE has yet to thrash out overseas terminals transfer

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.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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