Cosco offloads 17
China Cosco Holdings has taken its fleet renewal scheme one step further with the disposal of 17 vessels.
China’s Cosco sells 13 bulkers and four containerships
Between September and December, the state shipowner has sent four boxships and 13 bulkers to the breakers’ yards for CNY 318.2m ($51.2m).
The vessels totalled 919,853 dwt in capacity.
Realised losses from this move amounted to around CNY 124m.
But the Chinese state offers subsidies to companies that send their old tonnage for scrapping as long as new vessels are ordered.
Cosco received almost CNY 1.4bn to the end of September as compensation for its modernisation programme.
With the latest disposal, the number of demolished ships for 2014 is 56.
According to VesselsValue.com, the Chinese shipowner has 36 bulkers and 10 boxships on order, due for delivery by 2018.
Cosco said the average age of its fleet has been decreased and oil consumption has been reduced as a result of the vessels’ disposal.
source:www.tradewindsnews.com
