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State subsidies prop up China shipping lines amid industry slump

Three big companies expected to report profit after receiving cash grants from Beijing for scrapping old vessels

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Without at least 1.38b yuan in subsidies, China Cosco would have incurred a 2014 loss of 500m yuan, says an analyst.

Shanghai

AS China's economic slowdown squeezes the global shipping industry, three of the country's biggest domestic cargo freighters likely skirted the losses that plagued international peers last year thanks to a five-fold jump in state subsidies.

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