Japan's third largest shipping company Kawasaki Kisen Kaisha plans to increase its drybulk fleet to 300 vessels in the next three years from 214 currently to tap into the growing demand of raw materials from China, Japan and India.

Chief Executive Kenichi Kuroya told Reuters the firm was also planning to lay up as many as six of its 74 car carrier vessels due to the severe disruptions to Japan's automotive industry after the devastating earthquake and tsunami last month.

"We have about 214 bulk carriers. In three years time, we plan to increase it to 300," Kuroya said in an interview at the firm's office in Singapore.

"We are planning to lay up between 5-6 vessels because we cannot expect the immediate recovery of the production line," he said, referring to production from Japan's major automakers such as Toyota , Nissan and Honda

He also said that Kawasaki Kisen might consider acquiring one or two Chinese shipping firms to take advantage of the Japan-China trade line, which is the busiest intra-Asia route. (Reuters)