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China Cosco pockets $75m by scrapping 16 ships

China Cosco Holdings has pocketed approximately RMB466.49m ($74.62m) from the sale of 16 vessels to the scrapyard in the first quarter of this year.

The Chinese state shipping firm, however, will incur a loss of about RMB793.53m in the financial period ended 31 March 2014 from the disassembly of the 12 container vessels and four bulk carriers, it told the stock exchange in a statement.

The 16 vessels have an aggregate capacity of 803,087 dwt.

“Following the retirement of old vessels, the average age of vessels owned by Cosco Container Lines Co Ltd and China Cosco Bulk Shipping (Group) Company Limited have decreased and the oil saving level and overall environmental friendliness of vessels have been improved,” China Cosco said.

It added that the demolition move is conducive to enhancing the overall operating competitiveness of the company.

A series of asset sales have helped China Cosco avoided a third consecutive year of net loss in 2013 and escaped a delisting from the Shanghai Stock Exchange.

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