Cosco scraps another seven

China Cosco Holdings Co (CCHC) has sold another seven vessels for demolition.

The state-owned company told the Shanghai Stock Exchange that six older bulkers and a containership went for CNY 166m in total.

But it added that it will book a loss of CNY 80.9m ($12.95m) from the deals, which took place in April.

The scrapping is being carried out to improve the fleet’s competitiveness.

The seven ships take its total so far this year to 23 vessels.

It is targeting the disposal of 41 elderly units this year.

Cosco operated 173 containerships and 319 bulkers at the turn of the year and has nearly 50 vessels on order.