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CSCL, CSDC get $169m of subsidy for scrapping vesselsCSCL, CSDC get $169m of subsidy for scrapping vessels

China Shipping Container Lines (CSCL) and China Shipping Development Co (CSDC) have received a combined RMB1.05bn ($169.08m) in government subsidy under the scrap-and-build policy.

Lee Hong Liang, Asia Correspondent

July 29, 2015

1 Min Read
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CSCL received approximately RMB127m and CSDC pocketed approximately RMB925m, with the funds channeled through their parent firm China Shipping Group (CSG), the companies announced to the stock exchange.

CSCL said the subsidy for the retirement and replacement of ships will have a positive effect on its 2015 annual results.

CSDC, on the other hand, said the subsidy received for the disposal and retrofitting of vessels was already taken into account when preparing for its management accounts in early July, on which the company warned of a net loss of around RMB130m due to non-operational items.

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About the Author

Lee Hong Liang

Asia Correspondent

Singapore-based Lee Hong Liang provides a significant boost to daily coverage of the Asian shipping markets, as well as bringing with him an in-depth specialist knowledge of the bunkering markets.

Throughout Hong Liang’s 14-year career as a maritime journalist, he has reported ‘live’ news from conferences, conducted one-on-one interviews with top officials, and had the ability to write hard news and featured stories.

 

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