The Taiwanese government of China announced the launch of a loan program worth TWD 30 billion (approximately US $ 1 billion) to support large container carrier operating companies affected by the novel coronavirus epidemic.
The policy is targeted at medium and large shipping companies, container terminal operators and cargo handling service providers. In addition to a $ 1 billion loan, the Taiwanese government has also provided a loan interest subsidy of TWD 243 million (approximately $ 8.1 million).
Taiwan's ministry of transport requires companies applying for this loan to prioritize the payment of employee salaries.
In the first quarter of this year, Taiwan's two biggest container carriers, Yang Ming Marine and Evergreen Shipping, reported net losses of about $27.3m and $14.7m respectively, while another big container liner, Wanhai Shipping, made a profit of $27.8m.
Yang Ming Marine said its container liner business was affected by the spread of COVID-19 in the first quarter of this year, and the situation is expected to continue in the second quarter.
Source: Sarah Yu, XINDE MARINE NEWS
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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