China COSCO Holdings Company Limited has announced decommissioning and disposing of fourteen of its vessels. References are made to the announcements of the Company dated 16 January 2014 and 29 January 2015 in relation to, among other things, the resolutions of the board of directors of the Company approving the Company’s implementation plans to decommission and dispose of aged vessels in 2014 and 2015. The Board informed that the Group had disassembled fourteen vessels, including one container vessel (Daqing He) and thirteen bulk carriers (Fenjin Hai, Songshan Hai, Huangshan Hai, Gang Ming, Taishun Hai, Shouning Hai, Taihua Hai, Tiansheng Hai, Yichang Hai, Dongchang Hai, Yi Jia, Dengzhou Hai and Peng Xin) from 1 February 2015 to 31 March 2015. The Vessels, with the aggregate capacity of 924,700 deadweight tons, were disposed of as scrapped vessels to different purchasers, all of which are independent third parties of the Company, at a total consideration of approximately RMB211 million. According to the unaudited financial results of the Company for the month ended 31 March 2015, realised losses incurred from the disassembly of the Vessels amounted to approximately RMB72 million. The decommissioned container vessel was previously owned by COSCO Container Lines Co., Ltd.*, a ...
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