SINGAPORE-HEADQUARTERED container carrier Ocean Network Express has replaced its chief executive and is changing its leadership structure as it looks to rebound from a quarter of negative earnings.
Till Barrelet has been tapped to succeed incumbent chief executive Jeremy Nixon. He will be joining ONE on May 1 and will take over the chief executive role from July 1.
Nixon will move on to a senior advisor role at the carrier. Nixon has been ONE’s CEO since its founding in April 2018. The carrier has since grown to operate a fleet of more than 260 vessels with a capacity exceeding 2m teu.
“Leading ONE from Day One has been the defining chapter of my career,” Nixon said. “Together with an exceptional team, we have built something truly special. I am incredibly proud of what we have accomplished — navigating unprecedented challenges, investing in sustainable technology, and building a culture of service excellence.”
Barrelet joins ONE from Emirates Shipping Line, where he served as chief executive. ESL carried 750,000 teu globally last year.
“After a comprehensive search, Till emerged as the clear choice to lead ONE's next chapter. His proven track record, deep industry understanding, and strategic vision align perfectly with ONE's growth ambitions, commitment to operational excellence and customer service," ONE chairman of the board of directors Jotaro Tamura said.
ONE will also be restructuring its leadership team to a matrix structure. The chief executive and seven representatives from all divisions will form an executive management team. Another six regional leaders will also be appointed to a regional leadership team. All appointed leaders will report to Barrelet.
“These changes are part of a planned leadership transition. The succession will be seamless, and customers and stakeholders will not be impacted,” ONE said.
The new leadership will have a challenging road ahead after posting its first quarterly loss of $88m in this fiscal year, exceeding an earlier forecasted loss of $61m. This was because of increased newbuilding deliveries that kept container freight rates suppressed.
The carrier saw a boost in earnings in the earlier part of 2025, when exporters rushed to front-load exports because of tariff turbulences. But it remains unclear if this feat can be repeated, with exporters likely to take a measured approach to the recent tariff reversal.
Uncertainties around tariff refunds are also poised to limit tailwinds for container carriers, making for yet another challenge for Barrelet his new management team to overcome.
ONE still maintained a full-year profit forecast of $310m, down from the $1bn projected last April. It saw profits of more than $2.7bn in FY2024.
Last month, it announced a joint venture partnership with Japanese technology firm MTI for digital transformation using artificial intelligence.
It was also among the first batch of carriers to resume sailings through the Red Sea.
“I am honored to lead ONE at this pivotal time. Jeremy has built a formidable legacy with a strong culture, talented team, and solid operational foundation,” Barrelet said.
Nixon placed 31 in Lloyd’s List’s Top 100 last year. ONE was formed from the container shipping activities Japanese majors NYK, K Line and MOL and is the sixth-largest carrier globally.
