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Flush with cash, ONE swaps charters for own container ships

World's seventh-largest shipper ramps up investment for future growth

An Ocean Network Express vessel docked at Japan's Nagoya Port. (Photo by Yuki Nakao)

SINGAPORE -- After years of relying on charters, container ship operator Ocean Network Express is tapping profits from the COVID-19 era to build its own greener, more competitive fleet.

"We don't own any ships ourselves on our balance sheet, but it is our intention to start owning ships," ONE CEO Jeremy Nixon told Nikkei. ONE currently charters 80% or so of the vessels it uses on long-term contracts, and the rest on short-term contracts.

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