The Maritime and Port Authority of Singapore will begin granting a 10 percent concession on port dues for bulk carriers calling the Port of Singapore.
The Maritime and Port Authority of Singapore (MPA) will begin granting a 10 percent concession on port dues for bulk carriers, if they are carrying out cargo works with a port stay of not more than five days.
The concession will take effect April 15 and will remain in place for one year, the MPA said.
Earlier this year, the MPA began granting an additional 10 percent concession on port dues for container vessels calling the port, if they are carrying out cargo works with a port stay of not more than five days.
The year-long concession, which took effect Jan. 15, 2016, was granted 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 (U.S. $13.3 million) in savings for shipping companies over one year,” the MPA 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,” Esben Poulsson, president of the Singapore Shipping Association, said in a statement.
Port of Singapore offers port dues concession for bulk carriers
