Japan's No 3 container shipping company, "K" Line, will cut its containership fleet from 70 to 61 while increasing the size of its LNG, bulk and car carriers over four years, taking the total fleet to 564 ships.

In spite of reducing the size of its containership fleet, the TEU capacity will expand through the sale and scrapping of the smaller ships and the introduction of ten 14,000-TEU vessels, reported New York's Marine Link.

To realise the group's goal for the dry bulk sector to generate half of all revenue, the company plans to increase the dry bulk carrier fleet from 218 to 239 by 2019.

A significant increase is planned in the LNG shipping sector as Japan's third biggest shipping company plans to add 18 new LNG carriers to the existing fleet of 43 vessels.

The company, which is targeting longer-term shipping contracts, also plans to boost its postpanamax bulk fleet from the current 69 to 71 in FY 2017 and 75 in FY 2019.

"K" Line also wants to add two more ships to its car carrier fleet to bring it to 98 ships by FY 2019.

It also has unveiled a new five-year plan to raise profit to JPY60 billion (US$500.58 million) as it prepares a big new bond issue. The company has registered to issue bonds worth JPY100 billion in a shelf filing valid for two years.