“K” Line (Europe) Ltd orders new Capesize in Japan

K Line (Europe), the London-based regional headquarters of the Japanese shipping company Kawasaki Kisen Kaisha, will take delivery of its first new bulk carrier for its own account in spring 2006. As a key part of its drive to become an established bulk carrier owner and operator, it recently placed an order for a new Capesize vessel of 185,000 DWT with Kawasaki Shipbuilding in Japan.

Despite the shipbuilder’s substantial order backlog book and restricted delivery slots, K Line managed to secure the vessel for a 2006 delivery. By placing the order in Japan, the company was assured of a high-tech quality vessel as well as benefiting from advantageous finance options.

Since establishing its European bulk shipping activities in the summer of 2002, K Line (Europe) operates two Capesizes and one Panamax vessel on long-term time charter. A further two Capesizes and one Panamax will be delivered during 2005, again on long-term charter, and the company’s target is to operate a fleet of around 10 vessels by 2006. Much of the company?s fleet is engaged on both long and short-term contracts with major steel mills, trading houses and power companies worldwide.