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China extends lucrative scrapping subsidies by 2 years

China extends the very lucrative subsidy program for scrapping by an additional two years. The program has boosted earnings for several of the otherwise struggling Chinese carriers.

Photo: PR-foto

The government of China has extended its comprehensive state subsidies for the scrapping of old vessels, which a number of the country's major carriers have already benefited from.

Originally the subsidy program launched by the Chinese government in 2013 was meant to help sluggish order books in the yard industry while at the same time encouraging carriers to renew their fleets. The program was scheduled to conclude at the end of 2015, and now it will be extended to last throughout 2017, reports news agency Reuters.

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