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Shenzhen offers US$58.6m in subsidies to help local shipping industry

SHENZHEN Municipal Transport Bureau has offered total subsidies of CNY410 million (US$58

04 March 2020 - 19:00

SHENZHEN Municipal Transport Bureau has offered total subsidies of CNY410 million (US$58.6 million) to support the local shipping industry get through challenges brought by the outbreak of coronavirus.

The subsidies are offered to around 100 companies in the ports and shipping supply chain. The government hopes the fund would ease cash flow pressure for the companies, reports Singapore's Splash 247.



Last week, China Shipowners' Association called the government for a series of support as the country's shipping and logistics supply chain struggles to cope amid the outbreak of coronavirus.



Shenzhen Port is the fourth largest container port in the world handling 25.77 million TEU last year.


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