Bulk carriers to stay afloat thanks to MPA’s 10% concession on port dues

Amid mounting headwinds in the shipping industry.

The Maritime and Port Authority of Singapore (MPA) is swooping in to address the ongoing downturn in the shipping industry by granting a 10% on port dues for bulk carriers.

According to MPA’s announcement, the concession will take effect beginning 15 April 2016. It will be in place for one year, and will be applicable if the vessels are carrying 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 per cent concession first introduced in 1996,” MPA notes.

Taken together with the existing concessions including those granted to offshore support vessels and container vessels, these concessions are seen to yield about $18m in savings for shipping firms over one year.

MPA further asserts it will keep working with industry players and stakeholders to support the long-term development of Maritime Singapore.

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