Tokyo: A dramatic growth in its LNG fleet forms a key plank in K Line’s new mid-term management plan announced today. In a bid to get to a $500m net profit by the end of fiscal 2019, Japan’s third largest shipping line is going to spend $2.75bn on new ships.
The aim is to run a fleet of 61 LNG carriers by the end of fiscal 2019, up from the current 43. These figures include LNG carriers it co-owns. Conversely K Line’s boxship fleet is set to reduce in numbers though supersize in capacity terms. The Japanese major will have 61 container vessels by the end of the new plan, down by nine from today’s total. Bulkers are set to increase in the five-year period from 218 to 239. Overall, the line aims to have a fleet of 564 ships by the end of fiscal 2019. The year 2019 also marks the 100th anniversary of the founding of the giant shipping line.
In last year’s Rich List, compiled by sister title Maritime CEO and VesselsValue.com, K Line’s fleet ranked as the seventh most valuable in the world. The next Rich List is due out in time for this June’s Nor-Shipping.