China Shipping continues to offload vessels

Xiamen: China Shipping can join the limited ranks of big Chinese shipowners who have actually properly downsized during the downturn. General manager Xu Lirong said at the World Shipping (China) Summit that his company had got rid of 134 vessels equating to more than 3m dwt in the past four years and efforts were ongoing to downsize the fleet. In previous downturns under original boss Li Kelin the firm would always take advantage of the low prices to massively upscale its fleet.

“We predict that in next one or two years, the market will not recover,” Xu said.

Cosco Group chairman was even more downbeat, telling delegates at the summit that he does not see a pick up in the markets until 2015. [21/09/12]

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