China
Cosco has benefitted from the ongoing China government drive to boost ship
scrapping, announcing that it received a subsidy of RMB1.38bn ($224.8m) for the
decommissioning and upgrading of vessels.
The
subsidy was recognized as non-operating income and will be included in the
profit and loss of the company for the year ending 31 December 2014 to
compensate the losses suffered by the company due to the advanced disassembling
of the vessels, China Cosco said in a stock market announcement.
Cosco
added that it expected the subsidy to have a positive impact on the operating
results of the company for the year.
China
Shipping Development Co (CSDC) and China Shipping Container Lines (CSCL),
subsidiaries of China Shipping Group, have also received subsidies worth a
combined RMB255m from ship scrapping activities between 1 January 2013 to 30
April 2014.
Source:
seatrade global. 01
October 2014
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