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China to raise ship-scrapping subsidy by 50%

China – China is to increase cash subsidies for scrapping discarded vessels by 50% in order to help cut overcapacity and emissions.

The Chinese government will grant US$ 247 per tonne (Euro 171) for shipping companies to replace vessels, according to an official online statement. The award applies to vessels scrapped in the years 2013 through to 2015.

Under the new programme, ship operators receive half the money on completion of scrapping and the rest after placing new building orders, according to the statement. Under a 2010 rule, they had to complete scrapping and place new ship orders before receiving any of the subsidy. Chinese shipbuilders also stand to benefit from the subsidy hike.

Source: Bloomberg

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