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Ningbo Marine gets $5.8m subsidy for ship scrapping

Ningbo Marine has received RMB35.6m ($5.8m) in government subsidy for the scrapping of two elderly dry bulk carriers.

Lee Hong Liang, Asia Correspondent

November 25, 2014

1 Min Read

Kalyakan - stock.adobe.com

The Shanghai-listed company announced on Tuesday that the vessels sent for demolition were the 52,670 dwt Ming Zhou 29 and Ming Zhou 30, both close to 30 years old.

Ningbo has received the subsidy in full last Friday from Ningbo city’s financial bureau.

In September this year, Ningbo Marine spent RMB510m to purchase three new 50,000 dwt bulkers from a domestic shipyard as part of its fleet renewal plan.

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.

See more from Lee Hong Liang

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