The case protagonist, Jeremy Nixon, is a non-Japanese CEO of the new joint venture, launched by the three largest shipping carriers in Japan (3Js) and started the operation on April 1st, 2018. It was named Ocean Network Express Pte. Ltd. (ONE) and aimed at achieving the synergy effect of USD1,050 million as the cost optimization and securing the sixth ranking in the market in terms of the operating capacity. One unique feature of this integration was to create a new entity with a single brand instead of a straightforward M&A to absorb the one company by another. The case provides the basic knowledge to analyze the market circumstances by taking the containership industry as an example. It contains the industrial factors such as the supply and demand gap, ocean freight volatility, cost structure, and the recent market trend toward to the oligopoly. In spite of the ideal goal with the integration, ONE faced many issues in the post-merger phase. Those issues were generally perceived from operational, organizational, and cultural aspects, and the multiple root-causes could be listed. Some of the root-causes were difficult to manage for the regulation, historical view points, while others might be handled in an appropriate and timely manner in the pre-merger phase. Turning-around this crucial situation was an urgent task for the protagonist, Jeremy Nixon. There were some options that he could take to turn-around the situation, however, he had realized every option contains the trade-off aspect among the stakeholders, such as the customer, staff, and shareholders.