State-owned China Cosco Holdings has announced the disposal of 17 vessels with a combined tonnage of 919,853 dwt.
The Chinese shipowner has sold four containerships and 13 dry bulk carriers to the scrapyards between September to December last year, fetching in RMB318.2m ($51.2m) but realising a loss of RMB123.86m.
The loss, however, would be offset by the government subsidies that the group received for sending their older vessels for demolition and ordering new ships.