Singapore reduces ports dues concession

Singapore is reducing its port dues concession as the economy and the shipping industry recovery. The port dues concession for all ocean going vessels staying less than 10 days in the port of Singapore will be reduced to 5% on October 1, from 10% previously. The concession will run for six months. The 10% concession was introduced by Singapore in April last year to help the industry through the economic downturn. A 20% concession for harbour craft will be reduced to 10%. “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 like the impact of the capacity overhang and uncertain economic outlook in the United States and in Europe,” the Maritime & Port Authority of Singapore said. “Against that backdrop, MPA is extending the concessions at a reduced quantum 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.”