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China Cosco gets $28m in subsidy for renewing fleet

China Cosco Holdings Company announced that it has received a subsidy amounting to RMB189m ($28.3m) from China Cosco Shipping Corporation (Coscocs), its indirect controlling shareholder.

Lee Hong Liang, Asia Correspondent

July 20, 2016

1 Min Read

Kalyakan - stock.adobe.com

In a brief statement to the stock exchange, China Cosco Holdings said the subsidy received on 18 July was for the decommissioning and upgrading of vessels.

“In accordance with the accounting standards for enterprises, the subsidy was recognised as non-operating income and will be included in the profit and loss for 2016,” China Cosco Holdings stated.

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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