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HomeMaritime NewsRegionsAsiaChina Merchants Energy Shipping pockets $116m in subsidy

China Merchants Energy Shipping pockets $116m in subsidy

China Merchants Energy Shipping pockets $116m in subsidy
China Merchants Energy Shipping (CMES) announced that it has received RMB763.44m ($115.81m) in government subsidy from the scrap-and-build policy.

The subsidy will be factored in as non-operating income for the company’s 2016 financial year, Shanghai-listed CMES said.

Beijing introduced the scrap-and-build policy back in December to subsidise owners scrapping vessels ahead of their operational lifespan, and to build a new one as replacement.

The policy is due to expire on 31 December 2017, after a two-year extension from its original expiry year in 2015.

TAGS: Tankers Dry Bulk Finance & Insurance Regions dry bulk shipping China
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