ONE Struggles to Take a Step Forward With China Downturn Ahead — Panjiva


ONE Struggles to Take a Step Forward With China Downturn Ahead

Corp - Shipping 608 Earnings 365 Global 722 Mode - Containerized 1005

The big three Japanese shipping lines (K-Line, Mitsui OSK and NYK Lines) saw a 5.1% increase in revenues in calendar 4Q 2018, up from 1.6% in the prior three quarters. That was likely due to a 10.7% drop in bulk shipping rates being offset by a 9.3% rise in container rates at their joint subsidiary Ocean Network Express (ONE). Yet, ONE’s volumes have likely continued to struggle after teething problems in April when the business was formed. ONE’s U.S. seaborne imports rose just 4.0% year over year compared to an industry average 9.6%. With 45.4% of its inbound shipping to the U.S. ...

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