CSC Phoenix reduces fleet size
Chinese firm CSC Phoenix is significantly reducing its fleet size as part of an attempt to lower operating cost and optimise its asset structure, Seatrade Asia online reports.
The dry bulk shipping firm, a subsidiary of logistics firm Sinotrans-CSC, announced it will sell another 38 vessels after it transferred 13 ships to its subsidiaries last month. The vessels are likely to be small river vessels or barges rather than its core bulker fleet.
CSC Phoenix also plans to sell its 10% stake in Ma'anshan Port Group and 5.4% ownership in Hubei Pinge Coal Port.