Cosco Scraps Eight Old Bulk Carriers
Following the recent announcement ordering 10 drybulk vessels, Cosco Group announced that it has sold eight old bulkers with a total capacity of 553,798 dwt for scrapping.
The vessels were sold to different third parties for scrap for approximately RMB82.2m ($13.3m). Cosco said it recognized losses from the disposal of approximately RMB182.2m.
Cosco has made plans to scrap a total of 41 vessels this year as part of its fleet optimization plan. It has so far offloaded 39 vessels this year.
Cosco said the update of fleet has decreased the average age of its fleet which will increase the competitiveness of its operation. The scrapping program has lowered the average age of its fleet, making it more competitive, Cosco said, as well as cutting fuel costs and improving environmental protection.
