Greater China

Ningbo Marine receives ship scrap subsidy

Shanghai: Ningbo Marine, part of Zhejiang Energy Group, has announced that the company has received RMB35.6m from the local financial bureau for the scrapping of two old ships.

The company has sent 29 year old Ming Zhou 29 and the 26 year old Ming Zhou 30, both 52,670dwt bulk carriers, to Fujian Saijiang Shiprecycling to scrap as a part of efforts to reduce the average age of the fleet.

In September this year, the company invested RMB510m to order three new 50,000dwt bulk carriers at a domestic shipyard. [25/11/14]

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