ONE invests in reefer fleet
The container shipping company Ocean Network Express (ONE) generated a profit of USD 105 million by the end of its financial year 2019, ending March 2020. Singapore-based ONE, which originated from the merger of the container business of the three Japanese shipping lines K Line, MOL and NYK in 2017, posted a turnover of USD 11.9 billion in FY 2019.
The teething troubles of the initial phase, which were reflected in a loss of USD 586 million in the previous year, are a thing of the past. Now, ONE is investing in the expansion of its current refrigerated container (reefer) fleet by adding another 5,000 (40 feet HC) units.
With this new venture, ONE is reacting to the fact that in the year 2019, global refrigerated container volume grew by more than 7%, augmented by the expansion of the middle class in Asia which is constantly demanding healthy food choices.
The liner said in a press release: "In 2020 as well, despite the challenges posed by coronavirus pandemic, the prospects for global refrigerated container trade remain strong." (mw)