COSCO Scraps Eight

China COSCO Holdings Company Limited (COSCO), following their recent order for ten newbuilds, has decided to decommission and dispose of eight vessels with a total capacity of  331,294 dwt, in an effort to rejuvenate their fleet.

The decommissioned vessels include four container vessels, and four bulk carriers, which have been disposed of as scrapped to different purchasers not related to COSCO, for a total consideration of around USD 20m.

According to COSCO’s unaudited financial results, the scrapping incurred a USD 5.69m loss to the company.

The decommissioned container vessels were previously owned by COSCO Container Lines Co., Ltd., and the decommissioned bulk carriers were previously owned by China COSCO Bulk Shipping, both wholly-owned subsidiaries of COSCO.

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Press Release; July 15th, 2014