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.
