China Shipping to Scrap Nearly Dozen Ships

china shipping container lines csclChina Shipping announced today they have sold the 1993-built, 35,000 deadweight product tanker Ming Chi to Digang Shipyard for a total consideration of approximately USD $3.3 million.

The 1994-built tanker will be dismantled upon delivery, which is scheduled no later than 27 October 2013.

China Shipping notes their plans to scrap 11 single hull tankers within the next two years, a plan which will remove approximately 485,000 deadweight tons of capacity from the market.