ONE official website announcement

ONE and Cespan form a new company, OneSea Solutions Pte.Ltd, focused on ship technology management and maritime talent development.

Ocean Network Shipping (ONE) announced on its official website on November 15 that it has established a new company, OneSea Solutions Pte. Ltd. (ONESEA), with the world's largest shipowner, Seaspan.

ONESEA, a solutions provider focused on ship technology management and maritime talent development, will be jointly owned and operated by ONE and Cespan, leveraging the vast industry experience and expertise of both companies.

Based in Singapore, ONESEA will provide ship management services for container ships owned and chartered by ONE, with the aim of achieving operational excellence for ONE's fleet in the pursuit of safety, efficiency, decarbonisation and digitalisation.

Raman Handa, CEO of ONESEA, said: "We are delighted to launch ONESEA, which is committed to creating value through advanced technology and exceptional talent to meet the highest standards in the industry. At the same time, the establishment of ONESEA marks a new level of cooperation between ONE and Cespan to create an efficient enterprise in ship management by leveraging the unique strengths of both companies."

ONE is the sixth largest liner company in the world, with an operating capacity of 249 vessels of 1,951,873TEU as of November 18, 2024, of which 92 vessels of 783,644TEU are owned and 157 vessels of 1,168,229TEU are leased.

According to ONE's latest announcement of the second quarter of the fiscal year 2024 (July-September 2024) performance, operating income of 5.864 billion US dollars, an increase of 65%; Net profit of $1.999 billion, up 969% year-on-year; Earnings before interest, tax, depreciation and amortization jumped 447% to $2.386 billion.

Based on the excellent performance, ONE also raised its guidance for fiscal year 2024, raising its net income from $2.745 billion to $3.095 billion.