China Shipping Development has announced that the company has approved to dispose of 23 bulk carriers ahead of time in order to further optimize the company’s fleet structure.

The average age of the 23 bulkers is 22.5 years old, with a total capacity of 870,000dwt and net asset value of around RMB1.15bn.

The company scrapped 10 bulk carriers earlier this month, with a total capacity of 387,000dwt.

The 33 bulk carriers account for 7.1% of the company’s fleet capacity, and the disposal of the vessels will help the company to reduce losses, the company said.