Beijing Plan to Scrap Old Ships

Thursday, July 01, 2010

 China will provide subsidies to help shipping companies retire ageing oil tankers and some single-hull ships before they would normally be taken out of service, a move that will affect 2,000 vessels in operation and help trim excess capacity throughout the industry, according to reports on www.MarketWatch.com. Vessels of greater than 1,000 tons, as well as single-hull oil tankers of 600 tons or more, will be eligible to receive payouts of up to 1,500 yuan ($220.80) per ton under the government's incentive plan, according to reported statements Monday by the Ministry of Transportation, the National Development and Reform Commission, and the Ministry of Industry and Information Technology. Under the incentive plan, replacement vessels must be manufactured by Chinese shipbuilders. The incentive scheme will expire at the end of the first half of 2012. The announcement comes in the wake of sharp declines in the Baltic Dry Index, which is down 41% since late May. (SOURCE: www.MarketWatch.com)

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