Greater China

Cosco receives RMB1.379bn subsidy

Shanghai: State-run shipping conglomerate China Cosco Holdings announced that it has received a ship scrapping subsidy of RMB1.379bn from its parent Cosco Group.

Cosco has made plans to scrap a total of 41 vessels for the year as part of its fleet optimization plan.

The company is currently making efforts to resume normal stocking trading from next year, after the company’s stock was put into the “special treatment” category following two consecutive years of losses. Cosco said the subsidy would have a positive influence on the company’s annual results. [08/10/14]

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