Cosco Shipping sells eight boxships for scrap

Cosco Shipping sells eight boxships for scrap

Cosco Shipping has announced that it has sold eight containerships with a total capacity of about 410,000 dwt for scrapping as part of its ship retirement plan.

Six of the eight vessels, Luo Ba He, Jin He, Yue He, Wan He, Lu He, Cosco Qingdao belonged to Shanghai Pan Asia Shipping and another two vessels, Cos Orchid and Cosco Sakura, were owned by its subsidiary Cosco Mercury.

Total scrapping price for the eight vessels is RMB212m ($31m). The deal will lead to an RMB638m net loss in total for the liner firm.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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