“K” LINE TO EXPAND BULK ACTIVITIES, COMPLETES NEW SHIP

“K” LINE TO EXPAND BULK ACTIVITIES, COMPLETES NEW SHIP

“K” LINE TO EXPAND BULK ACTIVITIES, COMPLETES NEW SHIP

   Kawasaki Kisen Kaisha, Ltd. said that construction of its new capesize bulk carrier has been completed, and it plans to further expand its capesize bulk shipping activities.
   Construction of the “Cape Future,” a 180,000-deadweight bulk carrier, was completed on July 5 by the Kawasaki Heavy Industries, Ltd. shipyard. The ship will carry iron ore and coking coal on a long-term contract with Kawasaki Steel Corp. A sister ship is to be completed in March 2003, and will also be under long-term contract with the same company.
   “K” Line plans to expand its bulk carrier business, particularly in the area of large bulk carriers, such as capesize bulk carriers, for raw materials transport for steel companies.
   Following the completion of the “Cape Future,” 10 capesize new ships are scheduled to join “K” Line’s fleet by the first half of 2005. The Japanese shipping group predicts that it will be one of the world’s largest operators of capesize bulk carriers within three to four years.