Shanghai: CSC Phoenix, the domestic dry bulk shipping arm of state-owned Sinotrans & CSC Group, has announced that it has received a subsidy of RMB55.3m ($8.9m) from the Ministry of Transport for scrapping old tonnage in its fleet.
Additionally, the company reported an estimated profit of RMB105m-RMB120m for the first quarter of 2015.
CSC Phoenix’s stock trading has been suspended by the stock exchange since May 2014 due to three consecutive years of losses. The company has completed a restructuring, reducing its fleet capacity from 4m dwt to around 600,000 dwt. It has applied with the Shenzhen Stock Exchange to resume stock trading and it expects to make it happen within this year.
In June, CSC Phoenix announced that its parent company Sinotrans & CSC Group was looking to dispose of all its shareholdings in the company on the public market.