"The Group had disassembled eight container vessels (Luo Ba He, Jun He, Yue He, COSCO Qingdao, Wan He, Lu He, COSCO Ran and COSCO Sakura) during the fourth quarter of 2016," said a statement from the company.
The total scrapping price for the eight boxships is $30.9mln.
Although the group incurred a Yuan638m ($93.1m) net loss from the vessel disposals, it said the average age of its owned fleet has fallen, while the level of fuel savings and overall environmental sustainability has imporved.
"The board considers that the decommissioning of the Vessels is conducive to enhancing the overall operational competitiveness of the shipping fleet of the company and is in the interest of the company and the shareholders as a whole," the company said.
The company scrapped four vessels in April this year, following the 14 ships dismantled in February and March.