Cosco Shipping Energy Transportation (CSET) announced that it has received RMB355m ($54.9m) in government subsidy under the scrap-and-build policy.

China has unveiled a broad blueprint outlining the reform and transformation upgrade needed for the ailing shipbuilding industry under the country’s 13th Five-Year Plan from 2016 to 2020.

China has outlined key improvements needed for the struggling shipbuilding industry to work on if it is to walk out of the severe downturn.

Shanghai-based domestic container carrier Zhonggu Shipping has been officially listed on the over-the-counter (OTC) equity exchange National Equities Exchange and Quotations (NEEQ).