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CSCL scraps two old container vessels

CSCL scraps two old container vessels

China Shipping Container Line (CSCL) has sold a pair of old container vessels for a combined scrap value of about RMB33.86m ($5.52m).

The shipping line disposed the 996 teu Xiang Hu and 1,020 teu Xiang Kai, both of which were built in 1985.

CIC Digang, the highest bidder amongst all participants of a public tender, paid around $310 per ldt for both vessels.

The container vessels will be delivered to CIC Digang at CIC Digang Dismantling Shipyard no later than 30 September this year.

CSCL said the 28-year-old container vessels have lost their commercial value due to their poor technical conditions, high repairing and maintenance costs.

“The sale will reduce the company's operating cost, optimise the structure of its shipping fleet and strengthen its core competitiveness and ability to enhance sustainable development,” the company said.

The scrapyard is wholly-owned by CSCL's controlling shareholder China Shipping, making the deal a connection transaction of the company.

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