SIMIC

JAPANESE owned, but Singapore-based Ocean Network Express (ONE), a joint venture of Japan's country's Big Three, MOL, "K" Line and NYK, has in the past opted to charter rather than own its ships - until now, reports Tokyo's Nikkei.
"We don't own any ships ourselves on our balance sheet, but it is our intention to start owning ships," said ONE chief executive Jeremy Nixon. ONE currently charters 80 per cent or so of the vessels it uses on long-term contracts, and the rest on short-term contracts.
ONE was founded in 2017 as a joint venture of Japanese shippers Nippon Yusen, Mitsui OSK Lines and Kawasaki Kisen. Mr Nixon, a former executive at Nippon Yusen, has led ONE since.
ONE is the world's seventh-largest containership liner operator by capacity, with a market share of six per cent, according to French data provider Alphaliner.
It is a major player in the Asia-Pacific, conducting more than 40 per cent of its regular shipments within the region and more than 10 per cent between Asia and North America. Its competitors include Cosco and Evergreen.
ONE sees owning its own vessels as key to further growth. It announced last week that it had ordered 10 large new containerships for delivery in 2025 and 2026. The vessels, which could eventually run on alternative fuels like methanol or ammonia, are expected to cost US$760 million to $1.5 billion.
ONE is expected to take ownership of these 10 new vessels, along with 10 ships ordered in May 2022. The shipping company plans to invest at least $20 billion by fiscal 2030, with the majority going toward ships and related expenses.
The company is part of a consortium slated to complete the acquisition of Atlas, the parent of world-leading containership lessor Seaspan, in the first half of 2023. Consortium members already own more than two-thirds of Atlas and are expected to put in an additional $1.6 billion for the deal.