China Allows Cancelled Ship Purchases

25 October 2009 (Last Updated October 25th, 2009 18:30)

The Chinese Ministry of Transport has allowed domestic operators to buy cancelled ships at the country's shipyards. The new policy will be applicable to all cancelled vessels ordered by foreign and domestic ship owners at Chinese yards, Asiasis reported. Orders from for

The Chinese Ministry of Transport has allowed domestic operators to buy cancelled ships at the country’s shipyards.

The new policy will be applicable to all cancelled vessels ordered by foreign and domestic ship owners at Chinese yards, Asiasis reported.

Orders from foreign ship owners, however, have to pass the examination of the Chinese Classification Society.

According to earlier reports from the China Association of the National Shipbuilding Industry, a total of 84 buildings have been cancelled at the country’s shipyards in the first eight months of 2009.

The ship owners will be allowed to buy vessels with a build date before 31 March and the policy will last until 31 December 2010.