Q1 figures show new liner took a $120 million hit
Ocean Network Express (ONE), the newest liner in the shipping sector, has posted its Q1 results which reveal a loss of US$120 million.
The company, which recently launched with a striking pink brand colour, said "operational teething problems" were the reason for the shortfall.
The liner was hoping for a much better performance, with plans to break even within 2018 now looking a challenge.
ONE still has the opportunity to streamline its activities and it has indicated it can save vast amounts and turn its fortunes around relatively quickly.
ONE was originally formed in a uniting of Japanese liners NYK Line, K Line, and Mitsui O.S.K. Line in 2016.
In an increasingly turbulent market, the move was intended to shore up the liners against the dangers of operating in a market of huge liners in big alliances.
In other news, ONE has also announce the delivery of the second of seven 14,000 TEU ships it is adding to its fleet.
The latest 14,000 TEU vessel has been named ‘ONE Minato’.