Asia/Pacific News
Singapore ups Support for Maritime Sector
Singapore is to increase financal support to its maritime sector as economic pressure on companies from the pandemic intensifies.
The measures include reduced port fees for all cargo vessels and rebate on overnight berth rental for regional ferries, the Maritime and Port Authority (MPA) has said.
The 30% port fee concession for cargo vessels runs from tomorrow to the end of the year.
The authority will further "exercise flexibility in credit management measures" as it recognises that maritime companies may be facing challenges on cash flow and meeting financial obligations.
In addition, more funds will be made available to "support maritime companies in their digital transformation efforts during this period", according to the MPA.
Global economic activity could shrink by 3% in 2020, the Economist reported earlier this month.
