Singapore Grants Bulkers Ten Percent Concession

Singapore

By MarEx 2016-04-05 19:14:25

The Maritime and Port Authority of Singapore (MPA) is granting a 10 percent concession on port dues for bulk carriers effect from 15 April, citing the current downturn in shipping.

The concession will be applicable if the vessels are carrying out cargo works with a port stay of not more than five days and will be in place for one year. 

This latest move follows MPA’s announcement in January of an additional 10 percent concession on port dues granted to container vessels that carry out cargo works with a port stay of not more than five days. The concession was on top of existing port dues concessions such as the Green Port Programme incentives and the 20 percent concession first introduced in 1996. 

Taken together with the existing concessions including those granted to offshore support vessels and container vessels, these concessions are expected to yield S$18 million in savings for shipping companies over one year.

The Singapore Shipping Association has welcomed the recent announcement. Esben Poulsson, President of the Singapore Shipping Association, said: “It is very encouraging that the MPA recognizes the storm facing our industry and that after previously granting concessions to the offshore and container segments, the MPA is now also granting welcome port due concessions to the dry bulk segment, thus recognizing the serious challenges facing this segment of the industry as well in the current downturn.”