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China Cosco Adds Another 14 Old Vessels to the Scrap Heap  2015-05-08

China Cosco Holdings has completed a new round of old-tonnage scrapping after dismantling one 1996-built container feeder ship and 13 bulk carriers for a total capacity of 924,700 deadweight tons.

The company said in a stock filing it incurred a loss CNY72 million (US$11 million) on account of the scrappings that has reduced the average age of the shipping line's self-owned fleet, reported Lloyd's List.

The 13 bulk carriers aged between 25 and 30 years ranged in size from Handymax to Panamax vessels, according to data from IHS Maritime Sea-web.com.

The company said the scrappings helped to lift the overall operating competitiveness of its existing fleet through greater fuel savings and higher environmental protection levels.

 (Source: shippingazette)