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Cosco scraps more ships as part of fleet renewal

The fleet renewal process continues at China Cosco Holdings, as the company, according to several media outlets, has scrapped 17 ships since the summer. The company is also looking to raise capital and has placed orders for new ships.

State-owned China Cosco Holdings continued its fleet renewal process in the second half of 2014. The company scrapped four container ships and 13 dry bulk vessels for a total value of USD 51.2 million in the period between September and December, reports Tradewinds, citing VesselsValue.com.

The ships correspond to 919,853 dwt and the scrapping realizes a loss of around USD 20 million, report the media. The last 17 ships mean that Cosco managed to scrap 39 vessels in 2014, according to Tradewinds.

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