Four Chinese shipping lines granted government subsidies
China has given subsidies worth 1.8bn yuan (US$293.2m) to four shipping lines including China Cosco and China Shipping Container Lines (CSCL) to encourage them to retire and replace obsolete vessels.
The central government special subsidies will go towards the “implementation plan” to accelerate the “early retirement and replacement of obsolete and worn-out transportation vessels and single-hull oil tankers”.
China Cosco received the largest share, 1.4bn yuan (US$224.6m), through its controlling shareholder, state-owned China Ocean Shipping Group, for the decommissioning and upgrading of vessels. Sister company Cosco Shipping received 182.9m yuan (US$29.8m) for ship upgrades.
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