Ocean Network Express (ONE), the Japanese carrier, has made a significant move to strengthen its presence in California’s terminals. The company increases its ownership in International Transportation Inc (ITI), a US terminal operator. This strategic decision comes as ONE aims to integrate its container shipping businesses further. ONE’s ownership in ITI has surged from 51.0% to an impressive 77.8% following a share transfer from its parent company, Mitsui OSK Line (MOL), according to Alphaliner.
ITI serves as the holding company for TraPac LLC, which operates vital container terminals in Los Angeles and Oakland. By acquiring a higher stake in ITI, ONE secures a more substantial foothold in the region’s bustling maritime industry. This move exemplifies the ongoing efforts of ONE’s Japanese owners, including MOL, NYK Line, and K Line, to consolidate and streamline their container shipping operations through ONE.
Previously, ITI operated as a consolidated subsidiary of MOL until last year when ONE obtained a 51% stake in the company. Simultaneously, NYK Lines also sold a 51% stake in Yusen Terminals (YTI), another terminal service provider in Los Angeles, to ONE. These transactions demonstrate ONE’s commitment to expanding its influence and service offerings in key gateways.
This latest development aligns with a broader trend among major carriers, including Hapag-Lloyd, Maersk, and CMA CGM, who have been actively pursuing port expansions worldwide. By securing increased control over essential terminals, ONE ensures its access to critical terminal capacity while supporting its growth ambitions. This move will undoubtedly enhance its ability to deliver top-notch services to customers and solidify its position in the highly competitive shipping industry.
Commenting on the acquisition of the container terminals last year, ONE emphasized that these new assets would not only safeguard its terminal capacity in strategic gateways but also bolster its growth potential and improve service offerings to its valued clientele. With this latest ownership increase in ITI, ONE is poised to strengthen its operations in California’s vibrant maritime landscape, cementing its position as a leading player in the global shipping market.
Source: Alphaliner
