China has unveiled new policies to renew its domestic fleet.
A new scrapping policy, announced earlier this month, targets the nation’s enormous coastal and inland fleets whereby shipowners are eligible for a newbuilding subsidy, which largely favours tonnage powered by alternative fuels. Old ships who meet the criteria laid out by Beijing can earn $140 per gross tonne scrapped. The subsidies are available through to the end of 2028.
Beijing has developed similar recycling subsidies for other industries over the summer in a bid to cut emissions as well as kickstart the economy.
China has led the world in recent years in developing green vessels for its rivers and domestic trade, unveiling a variety of pure electric ship types.