Source: Baird Maritime
One of China’s newest shipping programmes is coming at a cost to sale-and-purchase (S&P) brokers.
The Chinese Ministry of Transport recently allowed domestic shipowners to take on cancelled foreign newbuild contracts and to operate these vessels in coastal trades. The ships are exempt from a 27.5 percent export tax since they would only ply domestic routes; however, S&P businesses said that this could cause a downturn in their sector if the Chinese Government put a halt on importing foreign secondhand vessels.
The S&P sector said that the government created such bail out measures that ensured that local shipyards would be kept in business, but that it came at a cost to them.
One of China’s newest shipping programmes is coming at a cost to sale-and-purchase (S&P) brokers.
The Chinese Ministry of Transport recently allowed domestic shipowners to take on cancelled foreign newbuild contracts and to operate these vessels in coastal trades. The ships are exempt from a 27.5 percent export tax since they would only ply domestic routes; however, S&P businesses said that this could cause a downturn in their sector if the Chinese Government put a halt on importing foreign secondhand vessels.
The S&P sector said that the government created such bail out measures that ensured that local shipyards would be kept in business, but that it came at a cost to them.
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