Singapore: MPA Offers Port Dues Discounts to Help Ailing Dry Bulk

by Ship & Bunker News Team
Tuesday April 5, 2016

The Maritime and Port Authority of Singapore (MPA) today announced that, in light of the current downturn in the shipping industry, effective April 15, 2016 it will grant a 10 percent concession on port dues for bulk carriers.

The concession will be applicable if the vessels are carrying out cargo works with a port stay of not more than five days and will be in place for one year.

The move follows a similar relief granted in January to container vessels, and comes in addition to existing port dues concessions such as the Green Port Programme incentives.

"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 in savings for shipping companies over one year," said MPA.

"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."

The prolonged troubles for dry bulk have been well documented with rates having fallen to historic lows over the last few months, prompting Baltic Exchange chief executive Jeremy Penn to call it the sector's worst crisis in living memory.

After a slow improvement in rates that began in early February, the Baltic Dry Index yesterday rose 21 points, for a gain of 57 points (13.8 percent) over the last three sessions.