Corona Victory Expands K Line’s Coal Carrier Fleet

Image Courtesy: K Line

Tokyo-based Kawasaki Kisen Kaisha, Ltd. (K Line) has expanded its coal carrier fleet with the latest addition of an 88,000 dwt-type special coal carrier Corona Victory on May 24.

Featuring a length of 230 meters and a width of 38 meters, Corona Victory was handed over at the Japanese Marugame Shipyard, a part of Imabari Shipbuilding Co., Ltd.

At 49,721 gross tons, the vessel belongs to the company’s Corona-series fleet for transport of thermal coal.

The Corona-series, which now consists of 19 carriers, is equipped with wide beam and shallow draft.

In April, K Line said that it closed the fiscal year in the red with JPY 51.1 billion (USD 457 million) net loss, while the company’s operating revenues for the period were at JPY 1.2 trillion, as a result of severe market conditions.

Furthermore, K Line’s operating income was at JPY 9.427 billion, down 80.4% year-on-year.

The company said that the losses were also attributed to business structural reform aimed at reducing the risk of exposure to market conditions and further accelerating the reduction of fleet scale, focused on small- and medium-size vessels, in the dry bulk business.

K Line expects that its operating revenues for the fiscal year ending March 31, 2017 could reach JPY 1,100 billion, while the company could see its operating income at JPY 17 billion and net loss at JPY 35 billion.

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