European shipowners turn away from subsidy suggestions

The European Community Shipowners’ Association (ECSA) said it would oppose subsidy schemes because it would not solve problems but rather exacerbate them. According to ECSA President, Marnix van Overklift, in the past, there have been costly attempts to save national yards, and if the EU were to introduce subsidies, Asian yards in China, Japan and Korea would likely follow suite, leading to a subsidy “race”.