Liner company Ocean Network Express (ONE) is said to have selected two of four shortlisted shipyards to build 10 neo-panamax container ships in a deal that could be worth more than $1.6bn in total.

Shipbuilding market sources said ONE is dividing the order equally between Japan’s Imabari Shipbuilding and South Korea’s Hyundai Heavy Industries.

In February, HHI, Daewoo Shipbuilding & Marine Engineering, Imabari Shipbuilding and China’s joint team of Hudong-Zhonghua Shipbuilding and Jiangnan Shipyard were reported to have been shortlisted for ONE’s 13,000-teu newbuildings.