China gives four shipping lines $293m to upgrade fleets

default_image

© Khunaspix Dreamstime.

By Alex Lennane

30/09/2014

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 Reuters report.

Read more...

Comment on this article

You must be logged in to post a comment.

Topics

The China conundrum India Port procurement

Most Read

CMA CGM liner trades pummelled in Q1 – and there's worse to come

Container freight rates: 'collapse' is the word, says Xeneta

Mexican rail seizures give near-shoring interests pause for thought

Major box lines still fighting over diminishing supply of smaller ships

Cargo shifts back to US west coast ports, but some has gone for good

Evergreen and Wan Hai face up to bearish market as profits tumble

Digital forwarders back in the spotlight: can they compete?

UPS names John Bolla new president of global healthcare

FedEx pilots win ‘tentative agreement’ on new contract after strike threat

'Alarming signals' as airfreight capacity rises and rates fall

'Keep 'em peeled' alert as drug smuggling into Europe's ports increases

Hapag-Lloyd kicks off its ship demolition programme

Congress mulls raft of supply chain bills – but one is missing, say BCOs

Bitter airline battle over carrying US mail heats up in the Pacific

The vertical challenge in logistics – Marseille vs Copenhagen (Berlin wins?)

India cuts red tape as it aims to become the 'repair capital of the world'