Asia/Pacific News
COSCO Sells Old Vessels, Improves Overall Fleet Fuel Efficiency
State-owned China Cosco Holdings Co (CCHC) has sold 14 old vessels in a bit to renew its fleet, Tradewinds reports.
According to CCHC, the sales have helped improve fuel efficiency and the competitiveness of its remaining ships, in addition to lowering the overall age of the fleet.
The sales reportedly took place in February and March 2015, and include one containership and 13 bulk carriers.
Despite having sold the ships for CNY 211 million ($33.93m), the deals were reportedly made at a loss of CNY 72 million ($11.6 million).
In January, parent company China Ocean Shipping Company (COSCO Group) announced that it had managed to lower the average age of its fleet to 10.4 years from 14.2 over the last two years.
At the time, COSCO Group also said that it would be borrowing $1.75 billion to order 53 newbuilds.
