Singapore is to extend its port dues rebates for car carrier operators in an effort to encourage the growth in the vehicle transhipment business.
The scheme will be valid for another three years from 1 January 2020 till the end of December 2022, the Maritime Port Authority (MPA) said.
Under the scheme, port dues rebate will be granted to vehicle carrier operators’ vessels handling transhipment vehicles in Singapore with a port stay of not more than five days.
For those companies transshipping less than 10,000 vehicles per year, they will receive 10% port dues rebate if a minimum compound annual growth rate (CAGR) of 5% over base year one is achieved. If the growth condition is not met, there will be no rebate.
For companies who transship between 10,000 and 200,000 vehicles in Singapore per year, they will receive a rebate of 20% of their port dues if a minimum CAGR of 2% over base year is achieved; otherwise its port dues rebate will remain at 10%.
Finally, for those companies transshipping more than 200,000 vehicles per year, they will receive a 20% rebate provided that the any CAGR over base year is achieved; otherwise its port dues rebate will also remain at 10%.
Singapore has offered a number of different shipping sectors rebates on port dues over the years either to encourage more trade from that sector or to offer relief during difficult financial periods.
