Chinese tanker owner Cosco Shipping Energy Transportation (CSET) is to receive a boost from scrapping and retrofitting subsidies.
The state cash award of CNY 355m ($53.6m) is being transferred from China Cosco Shipping, ET Net reported.
It will be recognised as non-operating income and will be included in the 2017 accounts.
The world's biggest tanker owner by deadweight had earlier forecast a first-half earnings fall of up to 57%.
