SINGAPORE: New Green Shipping Incentives Introduced
13 May 2022
Singapore’s Maritime and Port Authority (MPA) has updated environmental incentives. The Revised Green Ship Programme under the Maritime Singapore Green Initiative released on 22 April 2022, announced registration fee discounts for low emission vessels. The 1 May 2022 circular, Enhancement of the Maritime Singapore Green Initiative – Green Port Programme (GPP), outlined port due cuts for ships using low or zero carbon fuel. Both incentives run 1 May 2022 to 31 December 2024.
Singapore-flagged ships exceeding the IMO’s Marpol Annex VI Phase 3 Energy Efficiency Design Index (EEDI) by 10% or more get 50% off initial registration fees (IRF) and a 20% annual tonnage taxes (ATT) rebate. Vessels using primarily LNG, or fuels with lower conversion factors, enjoy a 75% IRF reduction and 50% ATT discount. Vessels using primarily zero carbon fuels are exempt from IFR and receive a 100% ATT rebate.
Port dues are cut by 30% for using zero carbon fuel in the Port of Singapore; a 25% port dues reduction applies for using low carbon fuels other than LNG and exceeding IMO Phase 3 EEDI requirements by 10%. An additional 10% port dues reduction is available for vessels serviced by harbour craft using low carbon fuel in port.
- Southeast Asia