China Shipping Development to demolish 10 elderly bulkers

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.