The container shipping company Ocean Network Express (ONE) is continuing the renewal of its fleet: the order for six new LNG-fuelled vessels has once again gone to the Korean company HD Hyundai Heavy Industries.
The shipyard announced last week that HD Hyundai had received an order for new container ships. The customer has now been identified: ONE is continuing its fleet renewal with this order. The contract is worth $1.22 billion – more than $200 million per ship.
The newbuildings will each have a capacity of 15,900 TEU and are to be equipped with dual-fuel propulsion systems. In addition to conventional fuels, they will also run on LNG. Delivery is planned between November 2028 and September 2029. According to market sources, the order for low-emission ships is smaller than initially assumed. Most recently, the shipping company had been linked to plans for up to 22 dual-fuel vessels.
In addition to the LNG-fuelled ships being built by HD Hyundai, ONE is also having newbuildings constructed in China. These vessels, with a capacity of 13,000 TEU and above, are to be powered by methanol.
ONE recently presented a positive annual balance sheet: the company’s turnover amounted to more than $16 billion, and the outlook remained optimistic despite the looming effects of the Iran crisis. The company – a merger of the Japanese shipping companies MOL, NYK and K Line – has significantly expanded its fleet in recent years and ranks sixth among the world’s largest container shipping companies, behind Hapag-Lloyd.
ONE’s fleet comprises around 280 ships, with a total capacity of more than 2.1 million TEU and a market share of around 6.3%. According to industry analyst Alphaliner, the orderbook includes more than 50 vessels, representing a further 650,000 TEU.
The current order also comes at a time of change at the top of the shipping company. At the beginning of this year, ONE confirmed that CEO Jeremy Nixon would step down in July. His successor will be Till Ole Barrelet, who joined the company on May 1 and will take over as CEO in July. Nixon, who has been at the helm since 2018, will serve as Senior Adviser to ONE in the future.
