Four Chinese ministries have combined to provide an incentive for early scrapping of old vessels and single-hull tankers. On offer is a subsidy of at least CNYl,500 ($247)perdwt. Vessels scrapped between 2013 and 2015 will be granted the subsidies under regulations within the new Implementation Plan on Early Scrappage of Old Transport Vessels and Single-hull Tankers, released by the transport, finance, state development, and industry and information technology ministries.
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