Following up on an announcement last August, China COSCO has been busy this year selling their ships for scrap as part of their company’s restructuring plan.
In an exchange filing today, China COSCO announced that in the first quarter of 2014, twelve container vessels and four bulk carriers representing an aggregate capacity of 803,087 deadweight tons were sold for scrap for approximately RMB466.49 million (USD $74.7 million).
COSCO notes the sale generated a net loss for the company of approximately RMB 793.53 million (USD $127 million).
The twelve container vessels include Longhou, Conghe, Yanhe, Longhe, Shenghe, Tenghe, Zhonghe, Puhe, Taihe, Junhe, Yuanhe and Feihe, all of which were previously owned by COSCO Container Lines Co. Ltd.
The four bulk carriers to be decommissioned include Pengye, Pengqing, Xinshenghai and Bailuhai, all of which were previously owned by China COSCO Bulk Shipping (Group) Company Ltd.
Where does a huge portion of the world’s merchant fleet go to die? Click HERE to find out.
Sign up for gCaptain’s newsletter and never miss an update
Essential maritime and offshore news, insights, and updates delivered daily straight to your inbox
In one of the UK’s largest drug seizures of the past decade, UK Border Force officers have seized cocaine with an estimated street value of £96 million (USD 130 million)...
(Bloomberg) — Shell Plc has started exports from Canada’s first liquefied natural gas project, helping to meet rising Asian demand and extending its position in the global LNG market. The first...
President Donald Trump indicated that he might be preparing to ease his “maximum pressure” campaign against Iran, potentially undercutting a central policy dating to his first term and provoking consternation among foreign policy hawks who argue that now is the time to escalate — not lessen — pressure on Tehran.
Subscribe to gCaptain Daily and stay informed with the latest global maritime and offshore news
Stay informed with the latest maritime and offshore news, delivered daily straight to your inbox
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
