Top > News Releases > Completion of Capesize Bulk Carrier for Kawasaki Steel Subsequent Expansion in Raw Materials Transport for Steel Company

July 8, 2002
Kawasaki Kisen Kaisha, Ltd.

Completion of Capesize Bulk Carrier for Kawasaki Steel
Subsequent Expansion in Raw Materials Transport for Steel Company

Kawasaki Kisen Kaisha, Ltd. (hereinafter called "K" LINE) is pleased to announce that a 180,000-dwt bulk carrier "CAPE FUTURE" has been completed on July 5, 2002 at Sakaide Works of Kawasaki Heavy Industries, Ltd. The newly-born ship will be engaged in transporting iron ore and coking coal on a long-term contract with Kawasaki Steel Corporation. A sister ship is to be completed in March 2003, and will also be under long-term contract with the same company.

The ship is named after the "F" of "JFE Steel" which will be formed as a merger between Kawasaki Steel and NKK in April 2003. They do wish a bright FUTURE both for JFE Steel and for the ship herself.

With the start of new management plan named "KV-Plan" from April 2002, the expansion and reinforcement of bulk carrier business is being targeted. The plan has given very important priority, above all, to the expansion of business in the area of large bulk carriers for raw materials transport for steel companies, i.e. capesize bulk carriers.

On May 31, 2002, we opened a "Bulk & Gas Division" in "K" Line (Europe) Ltd. in UK, our subsidiary company, as a new business entity that will focus on upgrading our business activities in the Atlantic markets with customers in Europe. With establishing this London-based stronghold, we have built successfully a global business network linking triple bases of Tokyo, Singapore and London, providing a basis for further acceleration in new business development.

In addition to a strengthened business network, we are endeavoring to assure that our fleet will be more competitive than ever. Following the completion of "CAPE FUTURE," 10 capesize newbuildings are scheduled to join the present fleet by the first half of 2005. Simultaneously, we will also be disposing of aged ships in view of the safety and environment management. In summary, the fleet of long-term chartered-in capsize bulkers of 28 ships as of March 2002, is expected to grow into a 35-ship fleet by the year 2005, with even further growth by adding a few more newbuildings between 2005 and 2006.

There can be no doubt that within 3 to 4 years, "K" LINE will be positioned as one of the world's largest capesize bulk carrier operators.

The newbuildings are schedule to be delivered as follows:

Fiscal year Number of ships
2002 3
2003 3
2004 2
2005 2

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