Japanese merged carrier Ocean Network Express (ONE) recorded a net loss of $586m in its first year of operation, however it said it expected to move into the black in its second year.
ONE, formed from the container businesses of K Line, MOL and NYK, was supposed to produce synergistic returns for its parents. Instead it has dragged down the P&L accounts of the trio, which announced annual results today.
NYK, which holds a 38% equity stake in ONE, posted …
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Source: The Loadstar