News / Seaspan gains $227m charter penalty windfall from Ocean Network Express

02/05/2019

More detail is emerging on the significant indirect costs incurred by Japan’s K Line, MOL and NYK when they merged their container businesses into Ocean Network Express (ONE) last year.

A $227m “charter party modification” payment related to the early termination of the charter parties of seven vessels which were no longer required by the new entity.

It was a win-win for non-operating containership owner Seaspan Corporation, which said that after finishing the charters on 31 March and being compensated, it had successfully fixed all seven ships to other customers, reflecting the ...

Please Register

To continue reading, please login or register for full access to our free content

Loadstar subscriber LOGIN

New Loadstar subscriber REGISTER

Please Login

Please either REGISTER or login below to continue Forgotten your password? Please click here

Email*
Password*

Reset Your Password

<< Go back

Email*

Comment on this article

You must be logged in to post a comment.

Martyn Benson
May 02, 2019 at 3:03 pm
How many senior and top managers have been relieved of their posts after the ONE debacle? Yes, it’s easy to play the Monday morning quarter-back but these stories of wrong calculations, forgotten provisions and oversights (with seemingly only good news claims a year ago) are staggering. Only government ministers seem to have less accountability.

Log in to Reply