China Cosco Holdings pushed ahead with its fleet scrapping plan last month by dismantling two container ships and two bulk carriers.
The scrapping of the vessels incurred about renminbi 59 million ($9 million) in losses, according to a May 13 stock filing. … China Cosco is renewing its fleet and replacing older vessels with new and more fuel-efficient ships in a bid to raise its profitability. The line is spending $618 million on five 14,500-TEU vessels that will be built by CSSC’s Jiangnan Changxing Shipbuilding yard as the mainland’s largest carrier continues to upgrade its fleet in an attempt to arrest
declining profitability.
http://www.joc.com/maritime-news/container-lines/cosco/cosco-scraps-two-container-ships-ahead-larger-vessel-deliveries_20150514.html