China Cosco adds another 14 old vessels to the scrap heap

Apr.29--CHINA Cosco Holdings has completed a new round of old-tonnage scrapping after dismantling one 1996-built container feeder ship and 13 bulk carriers for a total capacity of 924,700 deadweight tons.

The company said in a stock filing it incurred a loss CNY72 million (US$11 million) on account of the scrappings that has reduced the average age of the shipping line's self-owned fleet, reported Lloyd's List.

The 13 bulk carriers aged between 25 and 30 years ranged in size from Handymax to Panamax vessels,N according to data from IHS Maritime Sea-web.com.

The company said the scrappings helped to lift the overall operating competitiveness of its existing fleet through greater fuel savings and higher environmental protection levels.

The latest round of vessel scrappings brings the total number of ships demolished in the first three months of the year to six containerships and 16 bulk carriers.