The Singapore Shipping Association has welcomed the recent announcement by the Maritime and Port Authority of Singapore (MPA) to grant a 10% concession in port dues for bulk carriers visiting its port.

From 15th April 2016, for a one year period, bulkers loading or unloading cargo with a port stay of no more than five days, will be eligible for this 10% concession.

Further to concessions which have taken effect over the past few months for both container vessels and offshore support vessels, this gesture will result in much needed savings for shipping companies, affected by the challenging market environment .

Mr Esben Poulsson, President of the Singapore Shipping Association, said: “It is very encouraging that the MPA recognises the storm facing our industry, and that after previously granting concessions to the offshore and container segments, the MPA is now also granting welcome port due concessions to the dry bulk segment, thus recognising the serious challenges facing this segment of the industry as well in the current downturn.”