The Chinese market has been dominated by the government subsidies, which
have granted state owners a USD 150/GRT premium on Chinese flagged vessels
scrapped within China and a USD 150/GRT discount on the corresponding
new-building.
The scheme has been widely criticized for not rebalancing the global
fleet (for every vessel scrapped one has been added), but it has stimulated
domestic growth and activity in domestic shipbuilding and ship recycling yards
alike.
The main beneficiaries have been the largest state companies such as
COSCO and China Shipping, although many private owners have still opted to
bring their vessels across to the sub-continent where a USD 200/LDT premium has
been available for much of the year.
The scheme is expected to run until the end of 2015, so it will be
another quieter year ahead on international tonnage into Chinese ship recycling
yards.
Source: steel guru. 31 December 2014
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