Ocean Network Express (ONE) recorded losses of $120m in its inaugural trading quarter, its “clumsy” launch impacting its founder carriers.
Worst hit was K Line, with a 26.2% drop in its second-quarter revenue and an operating loss of ¥13.7bn ($123.4m).
The carrier said the development and the launch of ONE operations at the start of April was a pivotal factor.
“The financial results of ONE deteriorated compared with the initial plan, because of a lower-than-expected handling volume,” it …

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Source: The Loadstar