Singapore-based Ocean Network Express (ONE) is lining up an order for up to 15 neo-panamax dual-fuel containership newbuildings that could cost more than $2.5bn.

The company is believed to be one of the last few liner companies that has not ordered vessels in the 12,000-teu to 16,999-teu range.

If ONE takes the plunge, it will be the company's first newbuilding deal since its launch in 2018.

ONE does not currently own any containerships, with all its vessels chartered in.

Shipbuilding sources said ONE has approached major Far East shipyards about the deal.

They named Hyundai Heavy Industries, Samsung Heavy Industries, Daewoo Shipbuilding & Marine Engineering, Nihon Shipyard, Hudong-Zhonghua Shipbuilding, Jiangnan Shipyard, Dalian Shipbuilding Industry Co and Yangzijiang Shipbuilding as having been approached.

ONE is asking for quotes on five or 10 firm 13,000-teu newbuildings, plus options for an additional quintet of vessels.

Fuelling choices

Those following the business said ONE is not only requesting offers on LNG dual-fuelling but ammonia-ready vessels. But it has also not ruled out going for conventionally-fuelled but LNG-ready ships.

Shipyards are said to be vying fiercely for the project as most companies have already procured their vessels through orders or charters.

With the majority of yards having limited 2024 berths to offer, shipbuilding sources estimated that ONE will only be able to secure delivery slots in late 2024 or 2025.

ONE did not reply to emails seeking confirmation of its plans.

Shipbuilding sources said Chinese shipyards are quoting about $173m each for dual-fuelled containerships, while South Korean shipbuilders are offering prices at around $180m per ship.

"Shipyards are firm with their newbuilding price due to rising labour and materials costs," said one shipbuilding broker. "ONE's newbuildings would set a new price level if it firms up the order."

According to Clarksons' Shipping Intelligence Network (SIN), CMA GGM is the only liner company to date to have ordered LNG dual-fuelled newbuildings of 13,000 teu.

It has six vessels under construction at Hudong-Zhonghua to be delivered between 2023 and 2024. The company ordered the sextet in April and was reported to have paid about $130m per ship.

ONE is due to take delivery of some 25 chartered containership newbuildings between 2023 and 2024. They comprise six 24,000-teu conventionally fuelled newbuildings that it fixed from Shoei Kisen, nine neo-panamaxes and 10 units of 7,000 teu from Seaspan.

ONE is one of the partners in THE Alliance — which is made up of Germany's Hapag-Lloyd, Taiwan's Yang Ming Marine Transport and South Korea’s HMM.

Yang Ming is also planning to order a series of neo-panamax newbuildings.

The part state-owned liner company is seeking to build 10 ships of 15,000 teu. It has asked yards to indicate prices for conventionally fuelled but LNG-ready vessels.

As for HMM, the South Korean liner company has 12 LNG-ready 13,000-teu newbuildings under construction at HHI and DSME. It was reported to be paying about $130m per vessel.

SIN shows there is a total of 197 neo-panamax containerships being built at shipyards, of which 173 were ordered in the past 12 months.

Jeremy Nixon is the chief executive of Ocean Network Express. Photo: Ian LEWIS