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Maritime Logistics Professional

April 15, 2015

China Cosco Sends 14 More Vessels to Scrap Yard

Image: Cosco

Image: Cosco

 China Cosco Holdings has scrapped 14 vessels between February 1 and March 31 this year, continuing progress with its ambitious fleet renewal plan.

The 14 ships comprised of one container vessel and 13 dry bulk carriers, which have a combined capacity of 924,700 dwt.
The vessels were disposed of as scrapped vessels to different purchasers at a total consideration of approximately RMB211 million (around USD 35.5 million).
The Chinese ship-owner commented that the move would lower the average age of its fleet, reduce bunker fuel consumption and improve the environmental friendliness level of its operations.
The vessels dismantled in the process were the Da Qing He container feeder (constructed in 1996), along the thirteen bulk carriers mentioned above with tonnages in range of Handymax-Panamax with an age from 25 to 30 years respectively.
The unaudited financial results for the month ended 31 March 2015 says that the realized losses incurred from sending the said vessels to scrapyard amounted to approximately RMB72 million (around USD 11 million). 
China COSCO Holdings