Japan's Kawasaki Kisen Kaisha, Ltd., Mitsui O.S.K. Lines, Ltd., and Nippon Yusen Kabushiki Kaisha have announced the completion of payment for investment in their new joint venture in the container shipping business, Ocean Network Express Pte. Ltd. (ONE).
The JV was established in July 2017, with service commencing on April 1, 2018 with a total investment of USD 3 billion. The JV will be offering 85 services, calling at over 200 ports in 100 countries.
K Line and MOL each hold 31 pct stake in the JV, while NYK participates with 38 pct share. ONE has about 230 vessels in its fleet totaling 1.44 million TEUs, making it the world’s sixth-largest container shipping line.
"Key facts about ONE investment are it is now paid all in cash without any investment in kind and the assets intended as in-kind contributions will be transferred at market value in the future," said a press release from the company.