China Raises Ship-Scrapping Subsidy 50% to Trim Overcapacity
This article is for subscribers only.
China, the world’s biggest shipbuilding nation, will increase cash subsidies for scrapping obsolete ships by 50 percent to help cut overcapacity and emissions.
The government will grant 1,500 yuan ($247) per gross ton for shipping companies to replace obsolete ships, according to a statement on the transport ministry website yesterday. The award applies to vessels scrapped in the years 2013 through 2015.