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China Shipping Development to demolish 10 elderly bulkers

China Shipping Development to demolish 10 elderly bulkers
China Shipping Development Co (CSDC) will send 10 elderly dry bulk carriers to the scrapyard ahead of their operational lifespan.

The 10 bulkers have an average age of 20.6 years and a combined capacity of 387,000 dwt, accounting for 2.2% of CSDC’s total fleet capacity.

The Shanghai and Hong Kong-listed shipowner said the vessels to be disposed of have been valued at around RMB590m ($95.1m) in total.

“The disposal of the 10 bulkers ahead of their operational lifespan will not have a major impact on the group’s operations,” CSDC said.

The disposal of old tonnages is in line with the company’s ongoing efforts to renew its fleet.