Kawasaki Kisen Kaisha Ltd (K Line) has delayed plans to expand its dry bulk fleet as continuing oversupply drags on rates, Seatrade Asia online reports.
A senior executive was quoted as saying that K Line will divest 24 bulkers in the next financial year starting 1 April to balance out new vessels coming into the fleet, rather than holding on to them to expand.
K Line has also pushed back plans to expand its dry-bulk fleet to 300 vessels from about 250 to March 2018 at the earliest from the original plan of March 2017, as ship deliveries outpace China demand for iron ore and coal.
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