The subsidy was passed down to Cosco Shipping Holdings from its indirect controlling shareholding of the company, China Cosco Shipping Corporation (Cosco Shipping), for the decommissioning and upgrading of vessels.
Shanghai and Hong Kong-listed Cosco Shipping Holdings said “the subsidy was recognised by the company as non-operating income and will be included in the profit and loss for 2017.”
Earlier this week, Cosco Shipping Energy Transportation, the oil tanker arm of Cosco Shipping, also received RMB355m in government subsidy under the scrap-and-build policy, which is due to expire on 31 December 2017.
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