China Shipping Development Co (CSDC) has decided to scrap ten ageing bulk carriers as part of the company's fleet renewal program.

The ten bulkers have an average age of 20.6 years and a total of approximately 387,000dwt, constituting 2.2 percent of the company's total capacity.

CSDC says that this earlier than planned retirement will not have a significant impact on the company.

The vessels will be scrapped this year, and sold according to the specific market conditions.

CSDC has valued the vessels at RMB590m (US$94.8m).