China awards four carriers state subsidies for scrapping

Cosco and China Shipping Container Lines (CSCL) are among the carriers that have been awarded close to USD 300 million by the Chinese government in state subsidies for scrapping.

China has awarded four of the country's carriers, including Cosco, USD 293.3 million in direct state subsidies. The funds will be used for scrapping outdated ships and upgrading the existing fleet, say the four carriers according to Reuters.

China Shipping Development has announced plans to scrap 15 vessels, while China Shipping Container Lines (CSCL) has received subsidies for the same purpose.

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