Chinese large shipping companies are accelerating ship breaking as global shipping slump persists.
Such big names as China Shipping Haisheng, COSCO Shipping and Ningbo Marine Group are announcing scrapping their plans following one after another.
Among them China Shipping Haisheng, which have already sold six ships for scrap this year, revealed that it will sell two more old ships for demolition.
Its Hong Kong unit is to sell two chemical tankers for scrap at a price of $1.032m per ship.
The vessels are to be recycled at Jiangmen Yinhu Shipbreaking in China.
China Shipping Haisheng explained the vessels were too outdated to find work or buyers.