Jeremy Nixon, CEO of Ocean Network Express (ONE), the two-year-old Japanese container shipping giant, is the latest big name in maritime to take the hot seat in the Maritime CEO Leader Series powered by Ocean Technologies Group.
In the nine-minute video, Nixon discusses how volumes have dropped thanks to the coronavirus and assesses just how bad things could get for liner shipping.
Nixon also compares the fallout from today’s pandemic to what happened in the wake of the 2008 global financial crisis. He recalled the V-shaped recovery back then and the fast inventory recovery five months after the bank collapsed.
“This situation today will take a longer term recovery,” Nixon said, uncertain whether even after 18 months if box volumes will have recovered.
The ONE boss also discussed digitalisation and whether or not the economic case for the latest slew of record breaking megamax ships was as sound as just a few months ago.
“I think there is still a place for big ships in terms of just the overall economics of running the business. At the end of the day a customer wants a very good price for their container shipping services. As long as we can continue to work in consortia then we can continue to operate big ships but obviously less loops than before,” Nixon said.
The Maritime CEO Leader Series airs on this site and via social media every Tuesday and Thursday.