The Maritime and Port Authority of Singapore (MPA) will be extending the port dues concession for all ocean-going ships with a port stay of not more than ten days and harbour craft engaged in commercial activities, for another six months. This will take effect from October 1, 2010 to March 31, 2011.
Ocean-going ships will get a five percent port dues concession and this is over and above existing port dues concessions already enjoyed by the industry. Harbour craft, with the exception of pleasure craft for personal use, will get a ten percent concession.
As part of the government's Economic Resilience Package for the 2009 budget, MPA introduced a ten percent port dues concession for all ocean going ships with a port stay of not more than ten days, and a 20 percent port dues concession for harbour craft (excluding pleasure craft for personal use) from April 1, 2009 to March 31, 2010.
This was to help the shipping industry during the economic downturn. In March this year, MPA announced the extension of the port dues concessions by another six months from April 1 to September 30, 2010.
The shipping industry has seen gradual recovery along with the rest of the economy since the turn of the year. However, there remain uncertainties for the shipping industry, such as the impact of the capacity overhang and an uncertain economic outlook in the United States and in Europe.
With this in mind, MPA is extending and reducing the concessions as part of the phasing out of the port dues concessions under the Economic Resilience Package. This phased approach would allow the industry to make gradual adjustments.
