Cosco Scraps a Dozen Container Ships

5/5/2014 8:32:03 AM

China Cosco Holdings scrapped 16 vessels in the first quarter as part of its company restructuring and fleet renewal program. In an exchange filing last week, the Hong Kong-listed unit of China’s top shipping company said 12 container ships and four bulk carriers totalling 803,087 deadweight tons were sold to scrapyards for $74.6 million. The 12 container vessels scrapped were the Longhou, Conghe, Yanhe, Longhe, Shenghe, Tenghe, Zhonghe, Puhe, Taihe, Junhe, Yuanhe and Feihe, all of which were previously owned by Cosco Container Lines. The four bulk carriers were previously owned by China Cosco Bulk Shipping (Group) Company. Cosco has been taking advantage of Beijing’s new scrapping policy, which provides subsidies to carriers who demolish and build vessels in China. The Journal of Commerce

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