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CS Haisheng benefits from $1.3m in state subsidies

CS Haisheng benefits from $1.3m in state subsidies
China Shipping Haisheng (CS Haisheng) has recently received government subsidies totalling RMB8.26m ($1.3m) which will contribute to its 2015 financial results.

Shanghai-listed CS Haisheng announced it has received RMB2m of shipping subsidy from Haikou city’s transport and port authority, and RMB6.26m of grant under an economic stimulation aid for shipping business development.

CS Haisheng said the subsidies will have a “significant impact” on its financial results for the year ending 31 December 2015.

The dry bulk shipowner had reported a first nine-month loss of RMB150.08m, narrowing from the deficit of RMB159.77m in the year-ago period.

Formerly majority-owned by China Shipping Group (CSG), CS Haisheng was sold to healthcare group Lanhai Shangshou, which is now the controlling shareholder.