China Cosco sells 14 ships for scrap

China Cosco Holdings has sold 14 ships to the scrapyard to pocket a total of RMB211m ($33.95m), but it booked a loss of RMB72m on the disposal.

The 14 ships comprised of one container vessel and 13 dry bulk carriers, which have a combined capacity of 924,700 dwt.

The ships were sent for demolition between February and March this year, China Cosco announced to the stock exchange.

The Chinese shipowner commented that the move would lower the average age of its fleet, reduce bunker fuel consumption and improve the environmental friendliness level of its operations.

“This would raise the overall operational competitiveness for the company’s fleet,” it said.

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