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Domestic Shipping
Cosco Shipping Energy Transportation receives $55m subsidy for fleet renewal
Date:2017-09-25 Readers:

Cosco Shipping Energy Transportation (CSET) announced that it has received RMB355m ($54.9m) in government subsidy under the scrap-and-build policy.


CSET, the LNG and oil shipping operator of China Cosco Shipping Corporation (Cosco Shipping), said the subsidy amount will be recognised as a non-operating income and accounted into its 2017 financial year.


“It is expected that the subsidy will have a positive impact on the profit and loss of the group for 2017,” CSET stated.


Beijing introduced the scrap-and-build policy back in December 2013 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.


Source:seatrade-maritime.com

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