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HOT PORT NEWS from GAC

Annual Marine Services Survey (2018) of shipmasters
Thursday, December 13, 2018, Singapore

The Maritime and Port Authority of Singapore (MPA) has appointed ML Research Consultants Pte Ltd to conduct the Annual Marine Services Survey (2018) of shipmasters from 3 December 2018 to 31 January 2019.

The feedback received from shipmasters will assist in enhancing the marine services provided to ships in Singapore. Responses in the survey will be kept strictly confidential.

The survey questionnaires will be handed to shipmasters by harbour pilots from PSA Marine Pte Ltd. Shipmasters are requested to complete the questionnaires and return them to the harbour pilots or their agents using the enclosed pre-paid envelope. Alternatively, shipmasters can participate in the survey via the internet at the following website: http://mlresearch.com.sg/survey/mpa/

For queries regarding the survey, please contact Miss Huang Huiwen of ML Research Consultants Pte Ltd at Tel: +65 6223 3411 between Mon to Fri (9am to 6pm) or email: [email protected]

(For information about operations in Singapore contact GAC Singapore at [email protected])

Source: Maritime and Port Authority of Singapore Port Marine Notice No.126 of 2018

5,000th Neopanamax transit
Thursday, December 13, 2018, Panama Canal, Panama

The Panama Canal welcomed its 5,000th Neopanamax vessel through the waterway, reaffirming the value and impact the route has had on global maritime trade.

The COSCO Faith container carrier transited travelling southbound from the Atlantic to the Pacific Ocean. The vessel has a 13,345 total TEU allowance (TTA) and measures 366 meters in length and 48.2 meters in beam… …The COSCO Faith is part of Ocean Alliance´s Manhattan Bridge-AWE2 service, between Asia and the US East Coast.

Of the 5,000 Neopanamax vessels that have transited to date, 51% have been from the container segment. Liquefied petroleum gas vessels constitute another 26%, and liquefied natural gas carriers, a relatively new segment to the Panama Canal, make up 10%. Dry and liquid bulk carriers, car carriers and cruise ships make up the remaining transits.

(For information about operations in Panama contact GAC Panama at [email protected])

Source: Extracts from Panama Canal Authority (www.pancanal.com) Press Release dated 10 December 2018

Enhancement of Maritime Sector Incentive–Shipping Enterprise (Singapore Registry of Ships)
Thursday, December 13, 2018, Singapore

To keep pace with industry developments, provide greater tax certainty and to ease the administrative burden for the shipping sector, the following enhancements will be made to the Maritime Sector Incentive–Shipping Enterprise (Singapore Registry Of Ships) (MSI-SRS):
a. the scope of withholding tax exemption for charter payments for ships and container lease payments will be expanded to cover finance lease payments. The expanded scope will only be available to MSI companies;
b. the scope of income tax exemption under the MSI-SRS will be expanded to cover finance lease income from leasing of ships;
and
c. MSI-SRS companies may make an irrevocable option to adopt a simplified tax treatment for MSI-SRS income. Upon election, the MSI-SRS company shall, on a bundled basis, (i) rely on the FRS 116 accounting classification of sublease income and does not need to reclassify the qualifying sublease based on the underlying asset for tax purposes for ships and containers; and (ii) does not need to classify lease expenses and capital allowance claims in respect of qualifying assets for tax purposes as these claims will be disregarded.

(For information about operations in Singapore contact GAC Singapore at [email protected])

Source: Extract from Maritime and Port Authority of Singapore Shipping Circular No.16 of 2018 dated 12 December 2018

 

Source: GAC

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