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 is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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