The Ocean Network Express (ONE) management “underestimated the initial launch resource requirement” in April, resulting in a significant loss of business and a $400m impact on its bottom line.
This was the stark admission of chief executive Jeremy Nixon to a group of investors in Tokyo this week.
Profitability from synergy cost savings of $1bn a year was promised from the merger of the container businesses of Japanese shipping groups K Line, MOL and …
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Source: The Loadstar
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