Danish shipowners criticize China's scrapping subsidies

A new Chinese state subsidy for scrapping is met with criticism by the Danish Shipowners' Association which beleives the proposal sets the wrong course.

The Danish Shipowners' Association is far from pleased with the Chinese government's decision to increase state subsidies for the scrapping of Chinese-flagged ships.

"We are against subsidies for the sector on principle, because they're harmful. If we're talking pure scrapping schemes, in light of the current massive overcapacity, then there might be a certain pragmatic sense to it. But as soon as one starts introducing newbuilding requirements for part of the proceeds, we feel it sets the wrong course," vice president of the Danish Shipowners' Associationa, Jan Fritz Hansen, tells ShippingWatch.

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