Following a $1bn loss for FY2018 ended 31 March 2019 K Line’s executive management are taking a pay cut.

Hit by losses from cancelled containership and bulk carrier charter contracts K Line reported a massive JPY111.1bn ($1bn) loss for FY18, end 31 March 2019.

Ocean Network Express (ONE), the container line joint venture between NYK, Mitsui OSK Lines, and K Line, marked its first birthday on Monday.

New management will take the helm at Japanese shipowner K Line at the start of April next year as the company celebrates its 100th anniversary.

Container line joint venture Ocean Network Express (ONE) dragged down all of Japan’s big three shipowners in the first half of FY2018 with both NYK and K Line in the red.

New Japanese container line joint Ocean Network Express (ONE) is forecast to lose $600m in its first year of operation with lower than expected volumes caused by issues with its IT systems and higher than expected fuel costs.

Japanese shipowner K Line is set to use a variety of methods including low sulphur fuel and scrubbers to comply with the IMO's 0.5% global sulphur cap in 2020.

Japan's big three shipowners – NYK, Mitsui OSK Lines (MOL) and K Line – all reported first quarter losses hit by the start-up of container line joint venture Ocean Network Express (ONE).

There haven't been too many reasons to celebrate in container shipping in recent times but the official reception of Ocean Network Express or ONE in Singapore on Thursday evening saw the company setting sail in blaze of magenta branding with the strong statement of “As One, We Can”.

Ocean Network Express’ (ONE) first 14,000 teu newbuild to bear the joint venture’s distinctive magenta branding ONE Stork has made its maiden call in Hong Kong.

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