China gives four shipping lines $293m to upgrade fleets

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No doubt fiercely rekindling the ever-present debate about state subsidies, China has handed out $293.3m to four shipping lines for fleet retirement and replacement. China Cosco announced this morning that its bank account had risen by Rmb1.3bn, while Cosco Shipping admitted to a Rmb182.9m filip. China Shipping Development Co and China Shipping Container Line received Rmb215m and Rmb40m respectively. All four lines admitted that “they expected the subsidies to have a positive impact on their full-year results”, according to this ...