ONE to 3Mteu capacity fleet by 2030

ONE to 3Mteu capacity fleet by 2030

ONE, the Japanese carrier Ocean Network Express, currently holds the sixth position globally with a fleet capacity of 1.8 Mteu. The company has announced a plan to invest USD 25 billion by 2030 to expand its fleet capacity to 3Mteu. This initiative, named ONE 2030, targets annual profits of USD 3.8 billion by the end of the decade and aims for a midterm return on equity of 10%. In 2023, ONE reported net profits of USD 1.8 billion.

Despite experiencing a modest 4% growth in capacity from 2019 to 2023, ONE plans to use cash reserves accumulated during the COVID-19 pandemic to finance its expansion. The company intends to maintain a debt/equity ratio of around 6:4.

With an existing orderbook of 41 vessels totaling 520,000 teu, ONE acknowledges room for further growth beyond these orders. An additional USD 10 billion will be allocated to expanding its container shipping “value chain,” including investments in diversified and adjacent businesses such as its recent stake in Atlas Corp and terminal investments on the US west coast.

Formed five years ago through the merger of Japan’s three shipping giants—K Line, MOL, and NYK—ONE has focused on cost reduction. The merger, initiated in 2016 and officially launched in 2018, aimed at achieving USD 1 billion in cost reductions.

Since its inception, ONE has generated a total net profit of USD 34.5 billion. Excluding the years 2021-2022, this figure decreases to USD 2.1 billion, reflecting the company’s recent financial performance.

In alignment with global environmental goals, ONE aims to reduce greenhouse gas emissions by 70% per teu by 2030 and achieve net-zero emissions by 2050. The ONE 2030 plan includes deploying the company’s first alternative fuel-capable ships by 2030, with approximately 20% of its fleet being zero-emission capable by 2035.

Sources: ONE, Alphaliner

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