Asia/Pacific News
K-Line to Sell 10% of its Capesize Bulkers
Japan's Kawasaki Kisen Kaisha, Ltd. (K-Line) intends to sell 10 percent of its Capesize bulkers by fiscal year end on March 31, 2012, according to a report on the Nikkei.
The move will see the firm part with eight to ten of its existing 95 Capesize bulk carriers, which are mostly used to transport iron ore and coal and have a typical capacity between 170,000 to 300,000 tonnes of cargo.
The vessels being sold were said to be in the 10-15 year old range, and buyers have already been found for four of the vessels.
Moving about one million tonnes of cargo per vessel per year, the sale could reduce the firms annual cargo capacity by up to 10 million tonnes.
K-Line has a total of 535 vessels, according to its website.
Fellow Japanese shipping company Mitsui O.S.K. Lines Ltd. (MOL) said in June that by March 31, 2013 it too plans to have trimmed its Capesize fleet, intending to scrap or lay up 10 to 20 of the at the time 110 iron ore and coal carrying vessels.
