In view of the current downturn in the industry, the Maritime and Port Authority of Singapore (MPA) will grant, with effect from 15 April 2016, a 10% concession on port dues for bulk carriers. This 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% 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% 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$18m ($13.26m) in savings for shipping companies over one year.
“The roll out of these measures demonstrates Singapore’s commitment to help the maritime sector through this challenging time, and its importance in contributing to our economy and creating good jobs for Singaporeans,” the MPA said in a release today.