ONE sticks to its course in Q3 of its FY
The Japanese alliance of the three big container lines, Ocean Network Express (ONE), remained in the black in its Q3/2019 as well. ONE's financial year starts in April and lasts till the end of March. The lines finished the quarter with a moderate profit of USD 5 million.
In the same period, ONE generated a turnover of USD 2.9 billion, amounting to USD 8.9 billion and a profit of USD 131 million in the first three quarters of the financial year. Obviously, the companies have overcome the operational difficulties of the start of their partnership in April 2018. In Q3 of FY 2018, ONE still witnessed a loss of USD 179 million, and in the first three quarters of FY 2018 the loss amounted to USD 490 million.
With a capacity of around 1.6 million teu, the Japanese compamy is currently the sixth-largest container shipping line in the world. Together with Hapag-Lloyd, the Taiwanese shipping company Yang Ming and (from April) the South Korean shipping company Hyundai Merchant Marine (HMM), they are part of the shipping consortium The Alliance.
With regards to the 'Wuhan coronavirus', ONE’s management has formed a special task force and activated its BCP (business continuity plan), structuring its response to such significant events. The shipping line emphasised that all of ONE's China offices have had staff available either on site or via remote access since 3 February, to ensure that operations continue smoothly and to take bookings for future shipments. (mw)