Asia/Pacific News
NYK Line Scales back Fleet Expansion, Focuses on LNG
Japan's Nippon Yusen Kabushiki Kaisha (NYK Line) said in a press release Tuesday it will scale back on its fleet expansion plans laid out in April 2011, and shift its expansion focus to its LNG carrier fleet.
The company had originally planned for a fleet size of 920+ in 2013, growing to 960+ in 2016.
This has been revised to a reduction in vessels by 2013 to 855 from 876 in 2011, growing to 865 by 2016.
The biggest change is to its LNG carrier fleet, which was previously envisaged static at 30 in 2010 through 2013, growing to 35 in 2016.
This has been revised up to 65 and 80 in 2013 and 2016 respectively.
Its car carrier fleet size remains unchanged at 120 and 130 in 2013 and 2016 respectively, with a big drop in Handysize vessels from 200 in 2016 to 150.
Tanker fleet size was reduced down from 105 in 2013 and 2016, to 80 and 75 in 2013 and 2016 respectively.
NYK Line said the new plan reflects the effects of the remarkable appreciation of the yen and the economic challenges faced by the global shipping industry.
The firm's three-year medium-term management plan "More Than Shipping 2013" was implemented in April 2011, with NYK Line saying although the plan has been revised, its four key strategies remain in force under the concept of "combining traditional shipping with value-added strategies."
