Ocean Network Express (ONE) is a Japanese freight shipping company founded in 2016 as a joint venture of Japanese transport companies Nippon Yusen Kaisha, Mitsui O.S.K., and K Line. Even as a relative newcomer to the maritime shipping industry, ONE has become one of the biggest container shipping lines in the world: In 2023, ONE
. The company thus ranked sixth in terms of capacity of their container ships and was overtaken by heavyweights such as Mediterranean Shipping Company (MSC), APM-Maersk, and CMA CGM.
As of December 2024,
ONE operated 252 container ships with a
combined capacity of nearly 1.96 million TEUs.
Growth in revenue despite lower transport volumes
Similarly to other freight shipping companies, ONE has been heavily profiting from the high
container freight ratesof 2023 and 2024. Even though
ONE transported about 20 percent less freight between 2019 and 2022, its revenue increased by almost 154 percent. ONE’s ships transported the most cargo—about 36 percent—on the route from Asia to North America in 2022. However, the route from North America to Asia was responsible only for 26 percent of total freight traffic, indicating a deficit in trade between North America and Asia.
Main competitors of ONE
Besides leaders of the industry—such as MSC, APM-Maersk, CMA CGM, and COSCO—that considerably overshadow ONE in terms of the number of ships they operate, ONE competes with mid-tier shipping lines, namely Hapag-Lloyd and Evergreen Line. ONE As of May 2023, ONE controlled 5.8 percent of the global container fleet, compared to 6.8 percent by Hapag-Lloyd and 6.3 percent by Evergreen Line, respectively. In 2017, ONE, Hapag-Lloyd, and Yang Ming launched THE Alliance to be able to better compete with other shipping companies and alliances.
In 2023,
ONE generated a revenue of 14.54 billion U.S. dollars, half of that reported the previous year whilst
Hapag-Lloyd generated about 17.93 billion euros in revenue.
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