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China Merchants Energy Shipping pockets $116m in subsidy

China Merchants Energy Shipping (CMES) announced that it has received RMB763.44m ($115.81m) in government subsidy from the scrap-and-build policy.

Lee Hong Liang, Asia Correspondent

June 17, 2016

1 Min Read

Kalyakan - stock.adobe.com

The subsidy will be factored in as non-operating income for the company’s 2016 financial year, Shanghai-listed CMES said.

Beijing introduced the scrap-and-build policy back in December to subsidise owners scrapping vessels ahead of their operational lifespan, and to build a new one as replacement.

The policy is due to expire on 31 December 2017, after a two-year extension from its original expiry year in 2015.

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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