Nov 15 -- Japan's Nippon Yusen Kaisha's planned $8.5bn fleet expansion is likely to be financed by bank loans and internal resources rather than a further share issue, reports Lloyd's List.

Under a review of its medium-term 2006-2008 management plan, NYK wants to boost its fleet by a further 192 ships, including bulkers, tankers, liquefied natural gas carriers and car carriers.

The ships will be ordered and delivered by March 2011.

They will take NYK's total fleet to 932 vessels compared with the earlier forecast of 880 ships.

NYK raised its fleet projection on the back of an anticipated increase in long-term contracts for dry bulk and car carrier tonnage.