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Cosco Shipping Holdings sends eight boxships to scrapyard for $31m

Cosco Shipping Holdings Co has announced that it will send eight container vessels totaling 409,914 dwt to the scrapyard for a price of RMB212m ($30.9m).

Shanghai-listed Cosco Shipping Holdings, subsidiary of China Cosco Shipping Corporation Limited (Cosco Shipping), said the disposal of elderly vessels would help to lower the average age of its fleet and raise overall operational efficiency.

The disposal of the eight container vessels would lead to a book loss of RMB638m for the Chinese firm.

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