Under the contracts, Hyundai and Nihon will each build five VLCS with a nominal capacity of more than 13,700 twenty-foot equivalent units (TEUs).
The vessels are expected to be delivered in 2025.
In a statement, ONE said that the investment embodied its midstream strategy, announced in March, which is ‘to safeguard a sustainable supply chain for the future and underscore ONE’s green strategy and decarbonisation plan’.
To cut down navigational impacts to the environment, the boxships will incorporate the ‘highest’ efficiency standards and advanced technology.
The shipping company further noted that the ships are planned for the ‘ready notation’ or ‘AiP (Approval in Principle) of Ammonia and Methanol as fuel, carbon capture, and storage’.
This is expected to help the company widen the exploration of decarbonisation solutions and long-term alternative fuels.
To reach the 2050 carbon neutrality target, the company intends to invest in greener assets and technologies as well as work with industry stakeholders.
Earlier in the year, ONE cancelled bookings to and from Russia in the wake of the country’s military attack on Ukraine.
In a statement at that time, the company said: “Booking acceptance to and from Odesa, Ukraine, and Novorossiysk, Russia, is to be suspended with immediate effect until further notice.”