Announced by MPA chief executive Lam Yi Young on Tuesday, the new financial assistance scheme offers bunker surveying firms a one-time 30 per cent relief on the assessment fee when they attain their accreditation credentials with the Singapore Accreditation Council (SAC) under the Accreditation Scheme for Inspection Bodies.

Mr Lim was speaking at the christening of the bunker tanker, Spectrum, at Marina at Keppel Bay.

An initiative announced last year has made it compulsory that all bunker surveyors will need to be employed by companies accredited under the Accreditation Scheme from Jan 1 2010.

The formal and structured accreditation process will serve to enhance the accountability and professionalism of bunker surveying companies. It will also raise the standards of surveying practices in tandem with the increasing demands of the bunkering business.

More than 70 per cent of bunker surveying companies in Singapore stand to benefit from MPA's financial assistance scheme.

'The Accreditation Scheme for bunker surveying companies is an important initiative that we should press on with despite the economic situation,' said Mr Lam. 'MPA's new financial assistance scheme will defray part of the accreditation cost and help them keep to the timeline for accreditation.'

Eligible bunker surveying companies have up to Dec 31 to submit their aid applications to MPA.