China Cosco Holdings has received a huge subsidy linked to its fleet renewal efforts. Hong Kong-listed China Cosco says it has collected $224.323m handout from the state via parent China Ocean Shipping (Group) Company. In a statement to investors Cosco explained the cash relates to its 2014 financial year to compensate for the advanced scrapping of vessels. Cosco is in the midst of a giant fleet renewal programme that has seen it scrap around 50 vessels since the start of 2013 and place a number of newbuilding orders. COSCO has an orderbook worth $2.368bn.
Dry Bulk Shipping News - Shipbroker Notes