China just awarded $1.8 Billion Yuan (US$293.2 million) to its four largest shipping interests. Officials intent for the four shipping lines to update their ships, and scrap older, obsolete vessels. With a huge surge in steel exports over the past few years, the decision to update the fleet seemed obvious.
Currently, China Cosco received the lion share of the money (1.4 Billion Yuan or $224.6 million), while the sister shipping company Cosco Shipping got 182.9 million Yuan ($29.8 million). Additionally, China Shipping Development Company received 215 million Yuan, and China Shipping Container Lines (CSCL) received 40 million Yuan.