China Gives Four Shipping Lines $293 Million to Upgrade Fleets

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 … [Read more...]

China Shipping to Scrap Nearly Dozen Ships

China Shipping announced today they have sold the 1993-built, 35,000 deadweight product tanker Ming Chi to Digang Shipyard for a total consideration of approximately USD $3.3 million. The 1994-built tanker will be dismantled upon delivery, which is scheduled no later than 27 October 2013. China Shipping notes their plans to scrap 11 single hull tankers within the next two … [Read more...]

China Shipping Development Posts Wider Loss on Freight Rates

Aug. 19 (Bloomberg) -- China Shipping Development Co., the commodities-carrying unit of China’s No. 2 shipping company, posted a wider first-half loss as a global oversupply of vessels weighed on freight rates. The net loss was 923 million yuan ($151 million), compared with 492 million yuan a year earlier, under the International Financial Reporting Standards, the … [Read more...]