China Cosco scrapped eight bulkers in the months of July and August.

The Hong Kong-listed shipowner said that it had scrapped eight bulkers totaling 553,798 dwt in capacity for RMB155.51m. The company said it made a loss of RMB36.48m ($23.3m) on the recycling of the vessels.

Cosco said that the decommissioning of the vessels was conducive to the overall operational competitiveness of its fleet and the overall age of the Cosco Bulk fleet had decreased.