Japan’s Ocean Network Express kicked off operations on Sunday, marking the official start of business for what is now the 6th largest container shipping company by overall capacity.
The Ocean Network Express, or ONE as it is called for short, was established on July 7, 2017 through the integration of the container businesses of major Japanese shipping companies Kawasaki Kisen Kaisha, Ltd (“K” Line), Mitsui O.S.K. Lines (MOL), and Nippon Yusen Kabushiki Kaisha (NYK).
With the combined operations, ONE controls a fleet of about 240 vessels with a combined capacity of 1,440,000 TEU, ranking it as the 6th largest container shipping company with approximately 7% of global share. The company will offer 85 service loops and a comprehensive network linking more than 200 of the world’s major ports.
The new company has its global headquarters in Singapore. Regional headquarters have also been established in Hong Kong, Singapore, UK, United States, and Brazil. The holding company is based in Tokyo, Japan.
The April 1 start of container shipping operations was in line with the initial schedule laid out when the company was established back in July 2017.
“The company seeks to meet customers’ needs by providing high-quality, competitive container shipping services with the consolidation and enhancement of the three companies’ global network and service structures,” it said in a Notice of Business Commencement announcement.
NYK, the largest of the group with a fleet capacity of 592,000 teu, will have a 38% stake in ONE, with K line (358,000 teu) and MOL (491,000 teu) each having 31%.