China’s CSCL has banked a vessel-scrapping subsidy worth CNY 243m ($36.39m) from the government.
It will be booked as non-operating income for 2016.
The money was received through CoscoCS, the newly merged Cosco and China Shipping Group company.
CSCL is changing its name to Cosco Development Co to reflect its exit from liner shipping to become a financial services company with a focus on vessel leasing, container leasing and shipping finance.
