China Cosco gets $28m in subsidy for renewing fleet

China Cosco Holdings Company announced that it has received a subsidy amounting to RMB189m ($28.3m) from China Cosco Shipping Corporation (Coscocs), its indirect controlling shareholder.

In a brief statement to the stock exchange, China Cosco Holdings said the subsidy received on 18 July was for the decommissioning and upgrading of vessels.

“In accordance with the accounting standards for enterprises, the subsidy was recognised as non-operating income and will be included in the profit and loss for 2016,” China Cosco Holdings stated.

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