Ocean Network Express has recorded its first profitable quarter

Ocean Network Express has recorded its first profitable quarter since the Singapore – based container shipping line launched in April 2018. The company – a joint venture set up by Japan’s NYK, MOL and K line – posted a profit of $5m for the first quarter of financial year 2019 ended June 30, compared with loss of $120m during the same period a year ago. The carrier reported $586m losses for the previous fiscal year affected by a lack of staff and technical issues during its start – up period.