SINGAPORE - More help is at hand for the ailing shipping industry with the Maritime and Port Authority of Singapore (MPA) granting bulk carriers a 10 per cent concession on port dues.
The concession, to come into effect on April 15, will be implemented "in view of the current downturn in the shipping industry", said the MPA in a statement on Tuesday.
It will be available for one year and applicable only to vessels carrying out cargo works with a port stay of not more than five days.
The MPA's latest move follows its earlier announcement in January of an additional 10 per cent concession on port dues for container vessels that complete their loading or unloading here within five days.
It came in addition to existing assistance such as the Green Port Programme incentives and the 20 per cent concession introduced in 1996.
In all, the concessions are expected to yield $18 million in savings for shipping companies over one year, noted the MPA.
It said: "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.
"MPA will continue to work closely with our industry partners and stakeholders to support the long-term development of Maritime Singapore."