Cosco Scraps Seventeen

China Cosco Holdings had disassembled 17 vessels, including four container vessels and 13 bulk carriers in the fourth quarter of 2014, as part of its previously announced fleet renewal project

The vessels, with the aggregate capacity of 919,853 deadweight tons, were disposed of as scrapped vessels to different purchasers at a total consideration of approximately RMB 318.2 million (USD 51.2m).

The realized losses incurred from the disassembly of the vessels amounted to approximately RMB 124 million (USD 20m).

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