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China Cosco scraps eight elderly vesselsChina Cosco scraps eight elderly vessels

China Cosco Holdings has disposed of eight aged vessels at a total consideration of approximately RMB124.44m ($20.03m).

Lee Hong Liang, Asia Correspondent

July 15, 2014

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The vessels, which include four containerships and four bulk carriers, were sent to different scrapyards between 1 May to 30 June this year. They have a combined aggregate capacity of 331,294 dwt.

The decommissioned containerships were previously owned by Cosco Container Lines Co and the bulkers were owned by China Cosco Bulk Shipping (Group) Company.

Hong Kong-listed China Cosco said the losses incurred from the disassembly of the eight vessels amouned to about RMB35.33m.

“As a result of the decommissioning of the vessels, the average age of vessels owned by Cosco Container Lines Co and China Cosco Bulk Shipping (Group) Company have decreased, while the oil saving level and overall environmental friendliness of the vessels have been improved,” China Cosco stated.

About the Author

Lee Hong Liang

Asia Correspondent

Singapore-based Lee Hong Liang provides a significant boost to daily coverage of the Asian shipping markets, as well as bringing with him an in-depth specialist knowledge of the bunkering markets.

Throughout Hong Liang’s 14-year career as a maritime journalist, he has reported ‘live’ news from conferences, conducted one-on-one interviews with top officials, and had the ability to write hard news and featured stories.

 

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