Cosco receives $638m government subsidy for fleet optimisation

Cosco receives $638m government subsidy for fleet optimisation

Shanghai: State-run shipping giant Cosco has announced that it has received a subsidy amounting to around RMB3.96bn ($638m) for the decommissioning and upgrading of vessels.

Cosco placed a series of major ship orders in 2015. Last month it ordered nine 20,000 teu containerships with four options split between three Chinese shipyards and last week it placed an order for two VLCCs and five products tankers at Dalian Shipbuilding Industry Corporation.

Ministry of Transport announced last week that ship scrapping subsidies for shipping lines that replace old vessels with newer, greener ones, would be extended to the end of 2017.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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