China Shipping’s Firms Get CNY319M Subsidy for Scrapping Old Ships
The two listed units of China Shipping (Group) Co., the nation’s second largest shipping group, have received combined subsidies of 319 million yuan (US$52 million) from the government for scrapping old vessels.
China Shipping Development Co. (1138.HK), which operates oil tankers and dry-bulk ships, said in a statement Monday it has received subsidies worth 241 million yuan for scrapping old vessels.
Affiliate China Shipping Container Lines Co. (2866.HK) said in a separate statement that it received CNY77.7 million in subsidies for scrapping seven old vessels.
The cash incentive comes after the Chinese government in late 2013 unveiled details of a new subsidy program to encourage the nation’s ship operators to replace older cargo ships and tankers with new ones.
Source: Wall Street Journal
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