China Shipping Development scraps three bulkers

The Chinese shipping firm will demolish two 19,500 dwt sister vessels – the 1986-built Zhen Fen 9 and the 1985-built Zhen Fen 10. The 20,333-dwt, 1985-built Ba Da Ling will also be scrapped.

The old bulkers were owned by CSDC's subsidiaries China Shipping Bulk Carriers and Shanghai Yinhua Shipping. Financial details of the deal were not disclosed.

Meanwhile, CSDC had earlier predicted a net profit of RMB50m ($8m) to RMB60m in the first quarter of financial year 2014 on the back of an improving oil tanker and dry bulk shipping markets.