Sponsored By

CSCL to get a boost from ship scrapping subsidiesCSCL to get a boost from ship scrapping subsidies

China Shipping Container Lines (CSCL) announced in a stock market announcement that it will be benefitting this financial year from government subsidies for the scrapping of older vessels.

Vincent Wee, Hong Kong and South East Asia Correspondent

December 30, 2014

1 Min Read
Kalyakan - stock.adobe.com

 

The CSCL Group, including its units, "has applied for the special subsidies in respect of the retirement and dismantling of seven vessels (including Xiang Pu vessel) during the period from 1 January 2013 to 30 April 2014, and has received special subsidies in the amount of approximately RMB77.7m ($12.5m) from the Ministry of Finance as subsidy for the retirement and replacement of transportation vessels on 29 December 2014".

 

CSCL will be recognizing the subsidies as non-operating income, and include it in the same in the consolidated profit and loss for 2014 of the group. 

 

"Receipt of such subsidies will have a positive effect on the 2014 annual results of operation of the group," CSCL added.

 

Read more about:

ship recycling

About the Author

Vincent Wee

Hong Kong and South East Asia Correspondent

Vincent Wee is Seatrade's Hong Kong correspondent covering Hong Kong and South China while also making use of his Malay language skills to cover the Malaysia and Indonesia markets. He has gained a keen insight and extensive knowledge of the offshore oil and gas markets gleaned while covering major rig builders and offshore supply vessel providers.

Vincent has been a journalist for over 15 years, spending the bulk of his career with Singapore's biggest business daily the Business Times, and covering shipping and logistics since 2007. Prior to that he spent several years working for Brunei's main English language daily as well as various other trade publications.

Get the latest maritime news, analysis and more delivered to your inbox
Join 12,000+ members of the maritime community

You May Also Like