ONE Announces Plan to Expand Fleet to 3m TEU by 2030

Ocean Network Express (ONE), ranked as the sixth largest shipping line globally, has unveiled a plan to expand its operating capacity to 3 million TEU by 2030, targeting a 10% yearly growth rate.

Currently, including its existing order book, ONE's fleet capacity stands at approximately 2.3 million TEU. This expansion, with a projected cost of $25 billion, has been labeled as “aggressive” by Linerlytica, an Asia-based consultancy firm.

Linerlytica's recent weekly report noted, “The move by ONE represents a belated attempt to regain market share, after successive years of sub-par growth.” Since its announcement in 2016, ONE has only increased its fleet size by 30% over seven years, lagging behind the overall market growth of 40% during the same timeframe.

The consultancy also highlighted that other major carriers, such as Maersk and Hapag-Lloyd, are expected to soon announce their plans to expand their fleets in order to stay competitive.

Currently, only four companies worldwide have a fleet size exceeding 3 million TEU: COSCO, CMA CGM, Maersk, and MSC, with MSC anticipated to exceed a 6 million TEU capacity in the near future.

This year has seen an unprecedented influx of new containerships, with more than one being delivered each day, despite warnings from analysts about potential overcapacity.