China is handing out new subsidies for buying ships to help its beleaguered shipbuilders.
The central government will set aside "special funds" that give shippers subsidies of 1,500 yuan ($246.9) per gross ton -- a unit of measure for the volume of vessels -- to replace old models with new and greener ones, a government statement said.
The scheme will run until the end of 2015. The subsidies are only valid for ships scrapped one to 10 years ahead of mandatory retirement dates, the statement said.
The new subsidies were first announced on Dec 5 but made public only on Monday on the government website. The statement was made jointly by the Finance Ministry, the Transport Ministry, the Ministry of Industry and Information Technology and the National Development and Reform Commission.