Beijing: A new ship scrapping subsidy policy has recently been completed and is now waiting for approval from several state departments including the Ministry of Transport and Ministry of Finance, a source in a state run shipping company has revealed.
Ministry of Transport released a subsidy policy for ship scrapping in 2012, however, the response didn’t meet the government’s expectations due to its strict rules and the new policy aims to eliminate these barriers.
The new policy will allocate RMB4.6bn towards ship scrapping, the source said.
Source: sino ship news. 12 November 2013