NYK, MOL and “K” Line, which make up the Ocean Network Express, completed an aggregate investment of $3 billion into the container shipping joint venture, which commenced operations on Sunday.
Lars Jensen, chief executive officer of Seaintelligence Consulting, said that although consolidation among the largest carriers is likely coming to an end, smaller, niche carriers are just getting started.
Ocean Network Express (ONE), which brings together the container shipping divisions of Japanese ocean carriers NYK Line, MOL and “K” Line, will begin accepting bookings in stages starting Feb. 1, 2018.
Japan’s “Big 3” ocean carriers are scheduled to set sail as a single joint venture shipping company in April, dubbed the Ocean Network Express.
The new joint venture company between Japan’s “Big 3” shipping lines is slated to commence operations April 1, operating as the sixth largest entity in the container shipping market.
Analyst also says such an agreement could foreshadow a more hawkish U.S. approach to trade during the 2020 election season.
The president says the U.S. would implement an additional $200 billion in tariffs if China retaliates against the $50 billion already planned.
Finance Committee questions Commerce about tariffs, exemptions and possible profiting.
The White House is expected to work to prevent the provision from carrying over into any final bill.
Tariffs will include a first tranche affecting about $34 billion worth of goods in 2018 import value to take effect July 6 and a second tranche to undergo a public notice and comment period.
China Steel Innovator rammed into Evergreen’s Ever Laden at Taiwan port.
The Trade Finance Advisory Council recommended that the Trump administration consult with the Export-Import Bank to utilize ex officio members to get it fully functioning.
The tentative “handshake” deal averts what could have been the largest labor strike in the United States in more than 20 years.
Traders on Wall Street apparently were unimpressed by FedEx’s earnings beat, selling the stock down 6.4 percent from Monday’s closing price.