The board of directors for China’s COSCO Holdings Co. Ltd. has decommissioned and disposed of five container vessels in 2016: one in July, and four that were decommissioned and disassembled in August 2016.
Combined, the five vessels had an aggregate capacity of 224,560 tons. They were sold for about RMB90 million ($13.5 million) to third-party scrap firms. The sale of the vessels resulted in a loss of about RMB 341 million ($51 million) for the company.
The five vessels were previously owned by Shanghai Pan Asia Shipping Co. Ltd, a wholly owned subsidiary of COSCO Holding.
COSCO notes that as a result of the decommissioning of the five vessels, the average age of the fleet owned by Shanghai Pan Asia Shipping has decreased, while the oil saving level and overall environmental friendliness of the vessels have improved.
COSCO’s board considers the decommissioning of the vessels to be 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.
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