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Japanese container shipowners sees shares plunge after major downgrade

The three shipping companies behind joint venture Ocean Network Express, ONE, are feeling the consequences of Tuesday's major guidance downgrade.

Photo: Ocean Network Express

There was a swift reaction on the Tokyo Stock Exchange for the three Japanese shipping companies behind joint venture container carrier Ocean Network Express, ONE, following Tuesday's downgrade.

The three companies, Miysui O.S.K. Lines, Kawasaki Kisen Kaisha and Nippon Yusen Kaisha, announced Tuesday after the Japanese exchanges closed that ONE, for the fiscal year 2018/2019, the first year of operations, expects a net deficit of USD 600 million. ONE had previously announced that it expected a profit of USD 110 million.

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