China Shipping Development is cashing in RMB32.54m ($5.11m) on selling two old bulk vessels to a scrap yard, Seatrade Asia Online reports.
The bulk vessels will be sent to Digang Dili Dismantling Shipyard in China by early June.
“The board is of the view that, since the bulk vessels have reached 32 years. And have lost its commercial value because of their poor technical conditions, high repairing and maintenance costs and consecutive years of losses, the board decided to sell the bulk vessels as scrap steel vessels,” China Shipping said.
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