Kawasaki Kisen Kaisha (K Line) said it is planning to raise JPY34.6bn ($385m) selling shares to purchase vessels.

The Japanese shipping firm will sell 110 million new shares in a public sale and offer an over-allotment of 16.5 million shares, the company said.

The shipping line, which gets about 40% of its sales from transporting containers, expects to report a loss of JPY70bn ($770m) in the year ending March.

Compatriot line Nippon Yusen Kaisha has also opted for a similar fund raising exercise in last December.

Recently K Line forged an agreement with US-based logistics service provider Air Tiger Express to acquire 51% of its shareholding.