Japan's third-biggest shipping company Kawasaki Kisen Kaisha ('K' Line) announced it will invest JPY330bn (US$2.75bn) to upgrade its fleet starting this year up to 2019.

The investment plan is in line with 'K' Line's goal of growing its net profit from a forecast of JPY25bn in fiscal year (FY) 2014 to JPY45bn by FY 2017 and more than JPY60bn by FY 2019.

'K' Line, which will be led by Eizo Murakami starting from April 1, plans to grow its fleet from its current 526 ships to 539 in FY 2017 and 564 in FY 2019.

Fleet growth is evident in the LNG sector, where 'K' Line plans to grow its LNG fleet from its current 43 ships to 47 in FY 2017 and 61 by FY 2019. This includes LNG carriers that it co-owns with other companies.

The shipping firm also plans to expand its bulker fleet from 218 ships to 226 in FY 2017 and 239 in FY 2019.

This includes boosting its Capesize fleet from the current 85 ships to 89 in FY 2017 and 100 in FY 2019.

The company, which targets to secure more long-term shipping contracts, also plans to boost its post-Panamax bulker 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.

'K' Line, which has ordered 10 14,000teu container ships to replace older and less fuel-efficient ships, expects to bring down its current container shipping fleet from 70 vessels to 66 in FY 2017 and 61 in FY2019. All the 14,000teu ships are expected to be delivered by August 2018.

It said, "The plan for replacing fleets with energy-efficient large ships includes measures for strengthening competitiveness, such as 10 14,000teu container ships, 10 large car carriers with the capacity to ship 7,500 cars, and replacing older bulkers with energy-efficient bulkers."