IN what has been described as a sign of the new leadership after group chairman, Wei Jiafu, stepped down from office early last month, Cosco Group is pushing ahead with plans to scrap 13 older vessels
Cosco scraps 13 older ships including four boxships and nine bulkers
IN what has been described as a sign of the new leadership after group chairman, Wei Jiafu, stepped down from office early last month, Cosco Group is pushing ahead with plans to scrap 13 older vessels including four containerships with a total capacity of 11,207 TEU and nine bulk carriers with a total capacity of 553,535 dwt.
The group said the move is part of its plan to optimise its fleet and points out that it will not have a significant effect on the company's performance and financial status, the SinoShip News reported.
Analysts have pointed to the age profile of the China Cosco Holdings fleet as a source of concern for the loss-making flagship company in the group.
