The Chinese giant pocketed a total of CNY 466.5m ($74.6m) for thesales during the three months to 31 March, a statement to the Hong Kong and Shanghai Stock Exchanges reveals.
However it will book a loss of CNY 793m from demolishing the 12 containerships and fourbulk carriers, it said.
The sales constitute over a third of the 41 ships the companypreviously declared it would shed in 2014 as part of its fleet renewal.
Cosco operated 173 containerships and 319 bulkers at theturn of the year and has nearly 50 vessels on order.
A number of asset sales saw listed arm China CoscoHoldings avoid a third straight annual loss in 2013 and escape delisting from theShanghai Stock Exchange.
