China COSCO Disposes of Five Boxships

Image Courtesy: China COSCO

China COSCO Holdings Company has disposed of five containerships, one in July 2016 and four in August 2016, according to the company’s statement.

The vessels in question are Na Xi He, Bu Yi He, Yu Gu He, Ha Ni He and Jing Po He, all of which were built in 1997.

The boxships, featuring an aggregate capacity of 224,560 dwt, were disposed of as scrapped vessels to different purchasers, all of which are independent third parties of the company.

COSCO said that these were disposed for a total consideration of some RMB 90 million, while the total net losses incurred amounted to approximately RMB 341 million, which was unaudited.

The containerships were previously owned by Shanghai Pan Asia Shipping Company Limited, a wholly-owned subsidiary of COSCO.

The company added that, as a result of the decommissioning, the average age of vessels owned by Shanghai Pan Asia Shipping has decreased, while “the oil saving level and overall environmental friendliness of the vessels have improved.”

COSCO’s Board of Directors “considers that the decommissioning of the vessels is conducive to enhancing the overall operational competitiveness of the shipping fleet of the company and is in the interest of the company and the shareholders as a whole.”

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