Subsidies from China keeping ambitious Cosco in calm financial waters

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 …

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Source: The Loadstar

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