Hong Kong-listed China Cosco says it has collected a CNY 1.379bn ($224.323m) handout from the state via parent China Ocean Shipping (Group) Company.
In a statement to investors Cosco explained the cash relates to its 2014 financial year to compensate for the advanced scrapping of vessels.
Cosco is in the midst of a giant fleet renewal programme that has seen it scrap around 50 vessels since the start of 2013 and place a number of newbuilding orders.
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