<p class="MsoNormal"><span style="font-family:"Times New Roman",serif">In a
massive push toward sustainable maritime operations, Ocean Network Express
(ONE) has finalized a monumental US$1.2 billion contract with South Korea’s
premier shipbuilder, HD Hyundai Heavy Industries. The mega-deal commissions the
construction of six state-of-the-art, 15,900-TEU container ships equipped with
dual-fuel liquefied natural gas (LNG) engines. Reported initially by London's
S&P Global, this strategic acquisition underscores ONE's aggressive
transition toward alternative-fuel tonnage amid intensifying global pressure on
the shipping industry to decarbonize.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Times New Roman",serif">Independent
shipbrokers, including prominent firm Clarksons, have verified the high-value
transaction, noting that each individual vessel is priced at approximately
$203.5 million. This brings the cumulative contract value comfortably past the
$1.2 billion threshold, a milestone that HD Hyundai Heavy Industries has
officially confirmed in a regulatory filing to the South Korean stock exchange.
Industry insiders from MB Shipbrokers revealed that the contract was the
culmination of meticulous, months-long negotiations, signaling ONE's deliberate
and calculated approach to expanding its green fleet portfolio.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Times New Roman",serif">According
to the agreed timeline, deliveries for this new fleet are scheduled to commence
in November 2028 and run through September 2029, with the final vessel slated
for completion and handover by September 30, 2030. This massive order directly
builds upon a previous contract signed last June, which saw ONE commission
eight identical 15,900-TEU LNG-powered ships from Hyundai Heavy, also scheduled
for delivery beginning in 2028. The company's fiscal 2025 financial results
highlight a staggering order backlog of 67 ships as of late March, featuring an
array of 13,000-TEU dual-fuel ships arriving next year alongside 13,800-TEU
methanol-ready vessels ordered back in 2023.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Times New Roman",serif">This
monumental agreement strongly highlights the growing dominance of LNG as the
primary transition fuel of choice for modern commercial fleets. Industry
tracking data from Sea-web indicates that more than 6.4 million TEU of
LNG-powered shipping capacity is currently on order worldwide. By finalizing
this contract, ONE firmly aligns itself with other global maritime giants like
Evergreen, Cosco Shipping, OOCL, and Yang Ming, all of whom have aggressively
placed new eco-friendly vessel orders within the past year.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Times New Roman",serif">Market
intelligence firm Linerlytica recently noted that an unprecedented 1.9 million
TEU of global capacity was ordered in just the first four months of 2026 alone,
pushing the worldwide order book to a historic high of 13 million TEU. However,
this massive influx of new tonnage has raised red flags among industry
analysts. Experts warn that a severe threat of over-capacity could disrupt the
global market, particularly in 2028 when more than five million TEU are
scheduled for delivery. Sea-web data further reinforces these concerns,
revealing that total capacity currently on order stands at 12 million TEU,
which accounts for a massive 36 percent of the world's entire active,
in-service fleet.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Times New Roman",serif"> </span></p>