COSCO announced this week that it scrapped 17 of its
older vessels between September and December of 2014 – for a total of USD 51.2
million. The sales were mostly made up of containers and bulkers totaling over
900,000 DWT.
Having scrapped well over 50 vessels over the course
of the year under the government subsidies scheme implemented at the end of
2013, the likes of COSCO have managed to significantly lower the average age of
their fleets.
It is expected to be another busy year of scrapping
with the scheme still in place until the end of 2015. State owners with Chinese
flagged vessels receive a USD 150/GRT premium on the scrap price in China and a
USD 150/GRT discount on the subsequent new-building built in China.
Source: steel guru. 20 Jan 2015
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