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Cosco to scrap 41 ships

China Cosco Holdings has chosen 41 ships that will be scrapped during 2014. This decision comes after the company early this year ordered its first new ships in a long time.

China's largest shipping conglomerate, China Cosco Holdings, plans to scrap 41 ships in 2014. The company's senior executives have approved the "2014 China Cosco ship decommissioning plan," a move that comes in the wake of Cosco's decision to order new ships for the first time in five years. Four dry bulk vessels of 64,000 dwt each, and four VLCC's.

The company has long faced a potential de-listing from the Shanghai Stock Exchange, but this week the company announced that it expects black numbers on the bottom line for 2013, according to Tradewinds. In light of the future ship scrappings and the newly ordered ships, Cosco hopes to benefit from the new Chinese legislation that provides subsidies for companies scrapping old ships while also ordering new ships from Chinese shipyards. Owners will receive USD 247 per gross ton.

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