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.