Hong Kong-listed China Shipping Development has announced that the board of the company has approved to dispose of 10 ageing bulk carriers ahead of time in order to optimize the company's fleet structure.

The average age of the 10 vessels is 20.6 years old, with a total capacity of 387,000dwt.

The vessels, valued approximately RMB590m, account for 2.2 percent of the company's total fleet capacity, and will not affect the operations, the company said.