Five VLCCs, three suezmaxes, one panamax and one handy tanker are composed of the vessels being disposed of. The ages of the vessels vary from 16 years to 18 years.

The company stated that the vessels have high energy costs, high emissions of greenhouse gases and higher safety management risks, resulting in limited profitability.

Cosco expects to obtain from the disposal of these vessels RMB1.33bn ($205m).

Maritime Business World