ONE Orders 10 Containerships

Japanese shipping company Ocean Network Express Pte. Ltd (ONE) on Wednesday announced it has ordered 10 new 13,700 TEU vessels for delivery in 2025 and 2026, adding more tonnage to the industry's crowded containership orderbook.

ONE, which is jointly owned by the Japanese shipping lines Nippon Yusen Kaisha (NYK), Mitsui O.S.K. Lines (MOL), and Kawasaki Kisen Kaisha ("K" Line), did not reveal financial details or where the vessels will be constructed.

The 10 new vessels will be ready for methanol and ammonia fuel and equipped with a bow cover and other energy saving technologies, ONE said. The company added it is in talks with the shipyard and equipment manufacturers to implement onboard carbon capture and storage on delivery.

The contract, which follows another 10-ship order placed by ONE in May, comes amid a surge of containership newbuild activity as carriers reinvest profits from recent years into modern fuel-efficient tonnage. 

"By ensuring a stable deployment of new, state-of-the-art container vessels without constrained by short-term fluctuations in the container market, the company aims to strengthen its fleet competitiveness and meet customer demand for building and maintaining an efficient and reliable supply chain," ONE said in a statement.

However, many analysts see the swelling orderbook as a cause for concern as container shipping demand falls.

Danish shipping group A.P. Moller-Maersk, which also has a number of new box ships on order, warned last month that lower container volumes and freight rates could drive a four-fold plunge in 2023 profits after years of record earnings.