Ocean Network Express’ joint-venture owners warn of drop in profits
Japan’s big three shipping companies move to manage investor expectations.
The owners of the joint venture subsidiary, Ocean Network Express (ONE), have told investors to expect lower profits in the current financial year.
Although ONE reported a £3.4bn profit in 2020, it has not yet finalised its profit forecast for 2021, and said the pandemic made it “extremely difficult” to make a forecast.
NYK Line is the largest shareholder in ONE with a 38% stake, while MOL and K Line each have a 31% stake. All expect to remain in profit in 2021, but NYK said it is still unclear when the impact of the coronavirus pandemic on the boxship market would ease.
