Spanish shipyard financing scheme ruled legal

Spanish shipyard financing scheme ruled legal

Spain’s shipyards have been given a huge fillip with Europe’s second-highest court yesterday green lighting a Spanish tax lease scheme for the local shipbuilding industry, annulling a decision by EU regulators two years ago that branded the scheme as illegal state aid.

The Spanish scheme involves financing ships through a structure with two intermediaries, and allowing shipping companies to get a rebate of up to 30% on the price of vessels built by Spanish shipyards.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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