Cosco Scraps Five Container Ships

Cosco announced it has recently scrapped five container ships for a total of RMB90m ($13.5m) to save fuel and meet the overall environmental friendliness of its fleet.

News ID: 68794

Date: 10 September 2016 - 15:21

According to MANA, the 1997-Samsung built 3,400-teu sister ships are to be scrapped but making a loss of RMB341m on the transaction.

"The Board considers that the decommissioning of the vessels is conducive to enhancing the overall operational competitiveness of the shipping fleet of the company and is in the interest of the company and the shareholders as a whole," Cosco said in the announcement.

Cosco added: "The company will keep its shareholders and potential investors informed of further development in connection with its plan to decommission aged vessels by way of further announcement(s) as and when appropriate or necessary."