|ONE ready to sail after getting all required regulatory approvals|
|JAPAN’s “K” Line, MOL and NYK have confirmed that their new joint venture company, Ocean Network Express (ONE), has received all necessary merger approvals from local competition authorities for the launch of service.|
The new carrier, which was announced in May 2017 as a joint venture between Japan’s so-called “Big 3” shipping lines, was formally established in July 2017. As of the beginning of that month, the joint venture had completed the approval process in all regions and countries except South Africa.
“Following continued negotiations with the competition authority in that country, the joint venture company obtained approval with conditions requiring measures regarding competition law compliance,” the three carriers announced in a joint statement.
With all regulatory requirements fulfilled, the service commencement schedule for the new company remains intact, with operations slated to begin April 1, the carriers said, according to American Shipper.
Unlike the other alliances, which are all cooperation agreements of necessity between separate companies that still compete against each other for business in many ways, ONE isn’t just a strategic alliance, but a wholly new global transport company that’s made up of parts spun off by its parent firms.
ONE is ranked as the sixth largest entity in the container shipping market at over 1.4 million TEU, following Maersk (3.5 million TEU), MSC (about 3.1 million TEU), CMA CGM (2.5 million TEU), COSCO (1.8 million-plus TEU) and Hapag-Lloyd’s 1.5 million TEU.