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S'pore MPA to grant 10 pct concession on port dues for bulk carriers

Xinhua, April 5, 2016 Adjust font size:

Maritime and Port Authority of Singapore (MPA) will grant a 10 percent concession on port dues for bulk carriers which takes effect from April 15, said MPA in a press release on Tuesday.

In view of the current downturn in the shipping industry, MPA announced that the concession will be applicable if the vessels are carrying out cargo works with a port stay of not more than five days. The concession will be in place for one year.

The 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 Program 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 18 million Singapore dollars (13.3 million U.S. dollars) in savings for shipping companies over one year.

MPA said the roll out of these measures demonstrates Singapore's commitment to helping the maritime sector through this challenging time, and its importance in contributing to the economy and creating good jobs for Singaporeans. Endit