China’s Ministry of Transport, along with three other ministries, has rolled out a subsidy program to encourage the replacement of old shipping vessels and oil tankers, the China Securities Journal reported Monday. Under the program, authorities will offer a subsidy of 1,500 yuan (US$247) per ton of old vessels scrapped between 2013 and 2015, the report said. The move is aimed at optimizing the nation’s shipping fleet and improve emission control, it said. The subsidy will be handed out in two equal portions, with one half given upon the retirement of the old vessels and the other upon construction of a new vessel, according to the report.
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