Greater China

Shipping stimulus package coming later this year

Shanghai: The National Development and Reform Commission (NDRC) and Ministry of Transport (MOT) are drafting guidelines for the promotion of the hard-hit local shipping industry. The stimulus measures will be submitted to the State Council in the second half of this year, Song Dexing, director of the waterway transport bureau at the MOT said during an industry conference yesterday.

Due to a lot of departments being involved, the draft of the shipping industry development guideline is taking a long time. However, it will be submitted this year, Song stressed. The guidelines will focus on fleet capacity adjustment, a ship scrap subsidy for older ships, and a reduction of taxes on crew and shipping lines, Song revealed.

Latest figures show that more than 80% of all listed Chinese shipping lines are in the red for the second straight year.  [26/06/13]

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