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By Mike Wackett
Cosco Shipping’s $251m net profit last year was largely thanks to $230m of subsidies from the Chinese government, according to Alphaliner.
The consultant said the financial aid included $122m for vessel demolition and $107m in “other unspecified government subsidies”.
Alphaliner said that since 2010, parent organisation Cosco Shipping Holdings had received subsidies of $1.34bn from its government, of which some $700m was provided for vessel scrapping.
A subsidy of around $400 per LDT is paid to a Chinese shipowner that recycles a China-flagged ...
Comment on this article
Gary Ferrulli
April 03, 2019 at 3:40 pmThat doesn’t count the $26.5 Billion China has committed to COSCO between 2016 and 2020, and another $26.5 Billion between 2021 and 2015.