Cosco Holdings has announced the sale of five containerships for demolition as part of its fleet optimization plan.

The total sales price for the vessels is RMB90m (US$13.5m) and Cosco said that the sale has caused a net loss of RMB341m (US$51m).

The five vessels Na Xi He, Bu Yi He, Yu Gu He, Ha Ni He and Jing Po He have a total capacity of 224,560dwt and used to serve in Cosco subsidiary Shanghai Pan Asia Shipping.