K-Line, NYK and MOL say they received the necessary
regulatory approvals to form their “One Network Express” joint venture,
essentially merging the three carriers into one container line, despite the
Federal Maritime Commission voting down their merger proposal as it does not
feel that it has jurisdiction over mergers and the South African authorities
rejecting the proposed merger due to anti-trust concerns.

The carriers will form a holding company, registered in
Japan, as well as an operating company, registered in Singapore, with NYK
holding 38% of shares and K-Line and MOL holding 31% each.

Ocean Network Express (ONE) is scheduled to start operation
in April 2018, the companies hope to have gained South Africa’s approval for
the merger by then.

All three carriers are members of THE Alliance where they
partner with Hapag Lloyd and Yang Ming Line.