Changhang Phoenix (CSC Phoenix) is planning to dispose of 55 elderly bulkers, and projected a profit for the nine months ended 30 September 2015.

Nanjing-based CSC Phoenix said the 55 bulkers are 28 years and above, and their disposal is expected to allow the company to pocket RMB4m ($630,700).

The Chinese shipowner said the move is in line with the market conditions of dry bulk shipping and would help the company streamline and enhance its fleet structure.

The company has also projected a profit of RMB108.8m to RMB110.8m for the January-September 2015 period, compared to the gain of RMB4.36bn in the previous corresponding period.

In the first half, the company booked a profit of RMB108.69m, pointing to dull earnings for the third quarter based on the anticipated nine-month profit.