State-owned China Cosco Holdings has sent seven ships to the scrapyard in the month of April as it continues to streamline its fleet.

China Cosco has sold one container vessel and six dry bulk carriers for a total of RMB166.09m ($26.57m), booking a loss of RMB80.93m, it told the Shanghai Stock Exchange.

The disposed vessels have a total capacity of 530,790 dwt.

China Cosco said the disposal of older ships have helped the company lower the average age of its entire fleet, reduce fuel consumption and raise the overall competitiveness of the company’s operations.