Dividend for ONE owner shows new market reality
Japanese shipowner Mitsui OSK (MOL) will receive a USD 65 M divi- dend from its ownership in Singapore-based container carrier Ocean Network Express (ONE) for the latest financial period. The amount compares to a dividend payout of USD 1.7 bn on its investment in the same period last year, illustrating the rapid decline in earnings in the market.
ONE recently announced net profits of USD 187 M for Q3, and warned it was likely to post operating losses in the coming two quar- ters.
The carrier’s dividends had previously enabled its parent companies, MOL, NYK Line and K Line, to pay down significant amounts of debt during the pandemic. MOL and K Line both hold a 31% stake in ONE while NYK holds 38%.