CSDC secures additional subsidy

2015-01-05

China Shipping Development (CSDC) turns out to have received subsidies of around CNY 241m (around $39m) through its parent company China Shipping Group (CIC) on December 29, 2014. The expenses will be spent to scrap and improve CSDC's fleet.

CSDC will put the subsidies on the group's budget in 2014 as non-operating income by its accounting standards. The subsidies are also expected to make a positive contribution to CSDC's business results for this year.

Meanwhile, CSDC once received the other subsidies of around CNY 215m for the same purpose from the Chinese government on September 29, 2014.

Source from : asiasis

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