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China Cosco scrapping to stay afloat

Asia – China Cosco Holdings earned nearly US$ 75 million from the sale of 16 vessels to shipbreakers in the first quarter of this year. Despite scrapping these 12 container vessels and four bulk carriers totalling 803 087 dwt, the company racked up a loss of around US$ 127 million over that financial period.

The decision to have the ships dismantled is conducive to enhancing the overall operating competitiveness of the company, according to China Cosco. ′Following the retirement of old vessels, the average age of vessels owned by Cosco Container Lines Co Ltd and China Cosco Bulk Shipping Group Company Limited have decreased and the oil saving level and overall environmental friendliness of vessels have been improved,′ the company adds.

Owing to a series of asset sales, China Cosco was able to avoid a third consecutive year of net loss in 2013 and escaped delisting from the Shanghai Stock Exchange.

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Source: Seatrade Global

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