The Straits Times / The Business Times News on Cosco

Cosco gains US$14m from ship sale

COSCO Corp (Singapore) will sell four of its older ships for US$34 million in a bid to stay competitive by renewing its fleet of vessels.

The deal will boost the firm's bottom line by US$14.2 million.

Together with the delivery of a new dry bulk carrier yesterday, Cosco will operate a fleet of 12 vessels with an average age of 41/2 years, down from nine years previously.

The buyers of the old ships are Cosco sister companies Shenzhen Ocean Shipping and Cosco International Trading.