The ensuing COVID 2022 recovery cycle has brought strong inventory ramp-up for consumer merchandise at destination, leading to an over-correction, with recent sales and inventory levels moving adversely across the global markets. This has resulted in weaker demand in the first calendar quarter of 2023 as compared to that of previous two years'. At ONE, we continue to prudently manage our balance sheet and make strategic investments such as our own evolving decarbonization strategy and upgrading and enhancing our global customer service levels through our new Service Cloud system. We updated the “ONE INITIATIVES” at the end of FY 2022 Q4.

Ocean Network Express (ONE) is pleased to announce that Philippines Express 2
(PHX2) will change its port rotation as follows.

Port Rotation : Singapore – Manila(North) – Cebu - Singapore
Frequency : Bi-Weekly

The new rotation will start from M/V CONTSHIP ERA 081N/S departing Singapore on
the 22nd April 2023.

By the change, ONE will provide a quick, reliable, and efficient transport solution to
Philippines from our transhipment hub – Singapore by our Philippines Express
services.

PHX : Singapore <–> Subic Bay, Manila(N)
PHX2 : Singapore <–> Manila(N), Cebu
PHX3 : Singapore <–> Davao, General Santos

Should you have any questions, please contact your sales account representative or
Customer Service desk for additional information.

Ocean Network Express (ONE) is pleased to announce that the Africa, India and Middle East (AIM) service will increase its sailing frequency from fortnightly to weekly starting from May 2023. This is part of ONE’s commitment to enhance our services in Africa.

Ocean Network Express (ONE) is pleased to announce the launch of the ONE Eco Calculator, which calculates carbon dioxide (CO2) emissions from ONE’s operating vessels. The tool is one of the company’s milestones in its journey to net zero.

Ocean Network Express Pte. Ltd. together with the partners forming Poseidon Acquisition Corp. ("Poseidon") has jointly announced with Atlas Corp. ("Atlas") the closing of the previously announced transaction pursuant to which Poseidon has acquired all of the outstanding common stock of Atlas not already owned by the members of Poseidon.

It is with great pleasure to inform you that from the 1 st April 2023, Ocean Network Express
(ONE) will open their wholly owned office in Kenya: Ocean Network Express Kenya Ltd.

Ocean Network Express Pte. Ltd (ONE) held a "Container Shipping Summit" on March 16 at Dejima, located in Nagasaki of Japan, in cooperation with the Nagasaki City, Anchor Ship Partners Co.Ltd. and KOZO KEIKAKU ENGINEERING Inc.

ONE is pleased to announce ONE’s revamped service network from Singapore to
Yangon (“SMM”)

This new service SMM will consolidate the existing “YGX” and “TMM” services and will
provide twice weekly coverages from Singapore to Yangon, thereby giving customers
connections for Yangon imports and exports via its transshipment hubs in Singapore to
cater for rising demand.

Port Rotation : Singapore – Yangon (MIP) – Singapore – Yangon (AWPT) - Singapore
Frequency : Weekly

The first sailing will commence as follows.
MIP Loop : M/V SINAR BANDA 281N with ETA Singapore 4 April
AWPT Loop : M/V ALS SUMIRE 1688N with ETA Singapore 16 April

ONE is pleased to announce ONE’s revamped service network from Singapore to
South Philippines (“PH3”). This upgraded service “PH3” will merge ONE’s existing
“SPE” & “PH2” services

Port Rotation : Singapore – Davao – General Santos - Singapore
Frequency : Weekly

The first sailing will commence with the M/V KOTA NANHAI 0068N departing
Singapore on the 10th of April 2023.

Ocean Network Express Pte. Ltd (ONE) announces that it has ordered 10 large new container vessels with a carrying capacity of over 13,700 TEU to be delivered in 2025 and 2026.