News / Ocean Network Express CEO admits what went wrong and unveils recovery strategy

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 NYK – instead the carrier expects a net loss of $600m for ...