Sunday 18th Nov, 2018

Magenta shipping line in the red

Ocean Network Express
Ocean Network Express

OCEAN Network Express (ONE) posed a loss of US$120m for the first quarter of the 2018 financial year.


ONE, a joint-venture between NYK, MOL and “K” Line, cited higher-than-expected bunker costs and lower lifting caused by “operational teething problems” during the start-up period as causes for the loss.

However, in its full-year forecast, ONE expects to be back to a “normal situation” from the second quarter onwards.

Its forecast for net profit for the full 2018 financial year remains unchanged at US$110m. The company says the negative impacts are expected to be offset by accelerated integration synergies, additional cost reduction and change in lease accounting.

According to Alphaliner, ONE is the sixth largest container carrier in the world with 1.578m TEU in container-carrying capacity, accounting for 7% of global capacity (as of 1 August 2018).

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