The market for new commercial ship construction has become selective, with shipowners investing only in technologies capable of ensuring compliance with decarbonization regulations for the next 20 years.
This trend, which combines strategic prudence with the necessity of the ecological transition, is confirmed by today’s news of the purchase of six 15,900 Teu vessels by the Singaporean company One (Ocean Network Express). The initial intention, as reported by , actually involved a much larger order of 22 ships for an amount exceeding 4 billion dollars at the Korean Hd Hyundai Heavy Industries. The signing for ‘only’ six units indicates that, despite the desire to grow, uncertainty over freight rates and the current geopolitical situation are influencing shipowners, steering them towards more measured solutions.
More precisely, Hd Korea Shipbuilding & Offshore Engineering announced the agreement last week, a contract concerning six 15,900 Teu dual-fuel container ships powered by LNG. The units have a price of approximately 203.5 million dollars each, for a total investment of 1.22 billion dollars. The ships will be delivered between November 2028 and September 2029, integrating into One’s green fleet.
In the last three years, the company has proven to be among the most active in the dual-fuel market, having commissioned over 30 units of this type at Chinese and South Korean shipyards. The group’s strategy is diversified: on one hand, the 13,000 Teu (and larger) methanol-powered vessels ordered at Jiangnan Shipyard and Yangzijiang Shipbuilding; on the other, the series of LNG-powered units over 15,000 Teu entrusted to Hd Hyundai.
The cost of approximately 203.5 million dollars per single ship represents a very high figure — significantly higher than that of a traditional vessel of the same size — and underscores the weight of investment in low-environmental-impact technologies. One, however, declares itself willing to pay this premium in order not to be caught unprepared by future environmental regulations.
The operation comes at a time of internal transition: Jeremy Nixon, the long-standing CEO of One, will step down from leadership in less than two months. This 1.2 billion dollar order likely represents one of the last major acts of his tenure. Till Ole Barrelet will succeed him at the helm of the company, currently ranked sixth in the global container carrier ranking (Alphaliner).
The company Ocean Network Express, founded in 2017 from the integration of the liner activities of the Japanese “K” Line, Mol, and Nyk, today operates with a fleet in an advanced phase of modernization and a total capacity exceeding 2 million Teu.
