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SS Teo calls for EXIM bank for Singapore shipping

SS Teo calls for EXIM bank for Singapore shipping

Singapore: Singapore Shipping Association president SS Teo is calling for a proposed Singapore EXIM bank to be extended to shipping. In his capacity as a nominated member of parliament Teo strongly supported a recommendation by the Economic Strategies Committee to set an Export - Import (EXIM) Bank in Singapore. "I would also like to propose that the EXIM Bank facilities be extended to shipping," Teo said in a parliamentary debate. "In view of the capital-intensive nature of the shipping industry and its need for financing, an EXIM Bank would be a useful instrument to extend the range of financing solutions available to shipowners/operators with a good track record," he said. Teo added this would assist the growth of Singapore as an International Maritime Centre and as a hub for shipping investments. He also welcomed the extension of a port dues concession for a further six months to 30 September, a measure introduced last year to help shipping companies through the economic crisis. He also noted though shipping was not out of the doldrums yet and there was a threat of overcapacity. "As such, we hope that the port authority will be able to extend the port dues concessions past the 30 September 2010 deadline. Any proposed cost increase that could have a detrimental effect on the shipping recovery should be withheld for at least another one year," Teo said. [18/03/10]

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