Singapore, August 24, 2023 – In a notable development for the maritime industry, Ocean Network Express (ONE), headquartered in Singapore, has triumphed over Taiwan’s Evergreen to secure the coveted sixth position in the global container shipping hierarchy. This shift in standings transpired during mid-August, signifying a dynamic reshuffling within the competitive sector.
ONE, a product of the strategic amalgamation of Japan’s prominent shipping entities – NYK, MOL, and K Line – has efficiently leveraged this consolidation to propel itself upward on the global stage. With a robust fleet of 217 vessels and an impressive cargo capacity of 1,681,897 twenty-foot equivalent units (TEU) as of August 17, the company’s ascendancy was secured by a narrow margin.
The narrative of this competition witnessed a prior ascension by Evergreen in May 2022, when the Taiwanese maritime giant briefly surpassed ONE. However, Ocean Network Express has managed to swiftly regain its footing in the recent rankings, albeit temporarily. Industry analysts from Alphaliner caution that this snapshot might not holistically mirror the future growth trajectories of these two shipping juggernauts over the short term.
Projections indicate that ONE is poised to maintain its lead throughout the remainder of the year, largely attributed to the influx of new vessels. On the contrary, Evergreen is anticipated to rally in the long run. Supported by an order book that currently encompasses 50.2% of its fleet capacity, in contrast to ONE’s 27.9%, Evergreen is expected to conclusively reclaim its sixth-place standing and progressively distance itself from its seventh-ranked counterpart.
As the landscape evolves, Evergreen could potentially scale even greater heights, possibly ascending to the fifth rank, currently held by Hapag-Lloyd. The current gap of 200,000 TEU between Hapag-Lloyd and the sixth and seventh positions affords some maneuvering room. However, the German shipping behemoth is not resting on its laurels.
Recent revelations have exposed Hapag-Lloyd’s strategic machinations to fortify its competitive stance. Reports indicate the company’s overtures toward acquiring HMM or securing a stake in the Korean maritime player. The implications of this move remain speculative, contingent upon intricate negotiations and market dynamics.
In conclusion, ONE’s momentous leap over Evergreen marks a defining chapter in the narrative of global container shipping. The sector’s fluidity and fierce competition continue to shape the contours of this high-stakes industry, with contenders vying for supremacy through calculated maneuvers and strategic alliances. As the year unfolds, the maritime landscape remains poised for further transformative shifts.
Source: Alphaliner, ONE