The CSCL Star-type containership, CSCL Venus. image via Daniel Eckhart.
SHANGHAI, Sept 30 (Reuters) – China has given four shipping lines including China Cosco 1.8 billion yuan ($293.3 million) in subsidies to encourage them to retire and upgrade their vessels, the four companies said.
In December, China announced it would hand out subsidies to shipping lines to replace old models with new and greener ones and to generate orders for its shipbuilders, which have been hit by an order slowdown in a global shipping slump.
China Cosco said on Tuesday it had received 1.3 billion yuan through its controlling shareholder, state-owned China Ocean Shipping Group, to compensate it for scrapping and upgrading old vessels.
Sister company Cosco Shipping said it had received 182.9 million yuan for ship upgrades.
On Monday, China Shipping Development Co. said China’s finance ministry had given it 215 million yuan in subsidies for scrapping 15 ships. China Shipping Container Lines said it had received a subsidy of 40 million yuan.
The companies said they expected the subsidies to have a positive impact on their full-year results.
Despite a pledge to reduce support for industries with overcapacity, the government has suggested it is reluctant to allow large ones such as shipbuilding to wither. It is currently seeking outside support for heavily indebted private shipbuilder China Rongsheng.
(1 US dollar = 6.1380 Chinese yuan) (Reporting by Brenda Goh; editing by Jane Baird)
SINGAPORE, April 24 (Reuters) – Demand for liquefied natural gas (LNG) to power ships will rise this year on attractive prices, while more dual-fuel vessels join the global fleet, industry executives said....
ROME (Reuters) – An Italian judge on Friday cleared three migrant sea rescue charities that had been accused of abetting irregular immigration in complicity with human traffickers, throwing out a case opened...
(Bloomberg) — The closure of one of the East Coast’s busiest ports after the collapse of Baltimore’s Francis Scott Key Bridge has so far not led to broad price increases,...
April 19, 2024
Total Views: 2194
Why Join the gCaptain Club?
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.