Japan’s ONE Carrier Network Flags $600 Million Loss in First Year

By Mike Wackett (The Loadstar) - Japanese carrier Ocean Network Express (ONE) is set to see losses spiral to $600m in its first year, as it struggles to “restore the trust of customers” after the chaotic April launch. ONE has alerted shareholders of K Line, MOL and NYK to a $310m loss for the half-year period to 30 September. Moreover, the merged carrier network has … [Read more...]

OOCL Announces Bunker Recovery Surcharge to Cover IMO 2020 Compliance

By Mike Wackett (The Loadstar) - OOCL plans to begin the switch to low-sulphur fuel for its fleet of around 100 container vessels during the second half of next year, in readiness for compliance with IMO 2020. Unlike some of its peers, the carrier has made no reference to scrubber technology that would enable vessels to continue to burn cheaper heavy fuel oil (HFO) from 1 … [Read more...]

Trade War So Far ‘Positive’ for Shipping Companies, But 2019 Looks Less Promising

By Sam Whelan, Asia Correspondent (The Loadstar) - The US-China trade war has seemed “positive” for transpacific shipping lines, so far, with importers rushing to beat tariff deadlines. But there is growing concern that a prolonged dispute would leave shippers with question marks on whether to reorganise their supply chains. APL chief executive Nicolas Sartini … [Read more...]

Seaspan Diversifies as it Steps In to Take Control and Save Swiber

By Mike Wackett (The Loadstar) - Seaspan, the world’s largest non-operating containership owner, has announced its first significant investment outside the sector, suggesting it intends to diversify its business model. The New York-listed lessor, with an operating fleet of 112 ships, said it planned to invest up to $200m in the restructured Singapore-based oilfield services … [Read more...]