COSCO Shipping Energy Transportation Wins Fleet Renewal Backing

CSET Chinas COSCO Shipping Energy Transportation has received a government subsidy for disposal and retrofit of vessels worth approximately HKD 421 million (USD 54 million). The subsidy is part of revenue-related government grants and is aimed at compensating for relevant expenses or losses already incurred by the enterprise. It is expected that the subsidy will have a positive impact on the profit and loss of the group for 2017, the company said. In a separate release, CSET said it has achieved a net profit of RMB 865 million (USD 130 million) for the first six months of this year. The group carried out approximately 55.968 million tonnes of cargo shipping, up by 12.8% as compared to the corresponding period of last year. Shipping volume reached 193.01 billion tonnes-nautical miles, an increase of 17.5% year-on-year. Operating revenue stood at MB4.906 billion from continuing operations, representing a decrease of 7.7% when compared to last year.