Singapore: Rebate for vessels handling transshipment vehicles

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

29 Dec 2007

The Maritime and Port Authority of Singapore (MPA) has announced that it will extend the scheme that grants a 20% port dues rebate for vessels handling transshipment vehicles, from 1 January 2008 until 31 December 2010. According to MPA Port Marine Circular No.11 of 2007 dated 26 December 2007, this is in order to encourage the growth in vehicle transshipment business in Singapore. The conditions and relevance of the scheme will be reviewed after 2010. The 20% port dues rebate will be granted to vessels handling transshipment vehicles in Singapore if the vehicle transshipment volume handled in Singapore by the vehicle carrier operator for the year under review is at least 10,000 vehicle units, and there is a minimum compound annual growth rate (CAGR) of 5% over the base year 2007. The vehicle carrier operator will not be entitled to the rebate during any year that it does not fulfill the conditions of the scheme. MPA will not impose penalty charges or clawback of rebate(s) paid in earlier year(s) where the vehicle carrier operator fulfilled the conditions of the scheme. Vehicle carrier operators that fulfill the conditions of the scheme for the year under review should complete and submit the respective application form to MPA by 30 April of the following year (i.e the application for year 2008 should be submitted by 30 Apr 2009 and so on).