{"id":597308,"date":"2019-07-22T03:44:00","date_gmt":"2019-07-22T03:44:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/22\/govt-approved-incentives-for-shipping-companies-revealed\/"},"modified":"2019-07-22T03:44:00","modified_gmt":"2019-07-22T03:44:00","slug":"govt-approved-incentives-for-shipping-companies-revealed","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/22\/govt-approved-incentives-for-shipping-companies-revealed\/","title":{"rendered":"Gov\u2019t-approved incentives for shipping companies revealed"},"content":{"rendered":"<p><b>Incentives to shipping companies revealed:<\/b> Shipping companies will receive discounts of up to 45% on shipping fees as part of a package of new incentives approved by cabinet <a href=\"https:\/\/enterprise.press\/stories\/2019\/07\/14\/madbouly-cabinet-approves-traffic-act\/\">last week<\/a>, <a href=\"https:\/\/almalnews.com\/%d8%a7%d9%84%d9%85%d9%84%d8%a7%d9%85%d8%ad-%d8%a7%d9%84%d9%83%d8%a7%d9%85%d9%84%d8%a9-%d9%84%d8%aa%d8%b9%d8%af%d9%8a%d9%84-%d8%b1%d8%b3%d9%88%d9%85-%d8%ae%d8%af%d9%85%d8%a7%d8%aa-%d8%a7%d9%84%d9%85\/\">Al Mal reports<\/a>. The government will also waive guidance, lighthouse, and docking fees for three years as of September. Ships passing through the Suez Canal on a one-time basis will not benefit from the waiver but will pay lighthouse fees at a 25% discount. The package of incentives also includes:<\/p>\n<ul>\n<li>Cutting lighthouse services fees by 10% for ships passing through one port other than the Suez Canal and 20% for ships passing through two or more other ports; <\/li>\n<li>Extending licenses for shipping and logistics companies to 10-15 years, up from five years with the option to renew for the same period; <\/li>\n<li>Extending storage licenses to 10 years from five years, with a renewal option; <\/li>\n<li>Cutting by half insurance fees for license owners to EGP 5k (to be paid in cash or through letters of credit), down from EGP 10k;<\/li>\n<li>Cutting license fees for marine procurement to EGP 1k, down from EGP 3k; <\/li>\n<li>Slashing by half fees for supply vessels by half; <\/li>\n<li>Reducing fees for ship waste purchasers to EGP 1k per year, down from EGP 10k; <\/li>\n<li>Scrapping a requirement to transfer the ownership of facilities built at ports to the Ports Authority after 7-10 years on the expense of license holders, leaving the timeframe dependent on how much a company has invested and a decision from the relevant authority based on feasibility studies; <\/li>\n<li>Scrapping a previous requirement for Egyptian shareholders to own at least 51% of shipping companies. <\/li>\n<\/ul>\n<p><b>Background: <\/b>Shipping lines that had withdrawn from East Port Said Port since 2017 <a href=\"https:\/\/enterprise.press\/stories\/2019\/04\/02\/shipping-lines-ask-for-cheaper-fees-to-return-to-east-port-said-port\/\">asked earlier this year<\/a> for a new fixed-fees system for 3-5 years to compete with alternative ports. Suez Canal Container Terminal (SCCT), which is majority-owned by Maersk subsidiary APM Terminals, has been making losses of <a href=\"https:\/\/enterprise.press\/stories\/2019\/04\/01\/scct-expects-losses-this-year-on-the-back-of-rising-fees-in-east-port-said\/\">USD 1 mn a month<\/a> since the beginning of the year as it struggles to compete with cheaper alternatives, including Greece\u2019s Port of Piraeus whose fees are 60% cheaper. SCCT\u2019s profits were halved last year, forcing the company to lay-off 400 employees, Christensen said. Sixteen major shipping lines have stopped docking at the port due to the high fees.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Incentives to shipping companies revealed: Shipping companies will receive discounts of up to 45% on shipping fees as part of a package of new incentives approved by cabinet last week, Al Mal reports. The government will also waive guidance, lighthouse, and docking fees for three years as of September. Ships passing through the Suez Canal [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":597309,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[72,8835,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-597308","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-maritime","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"ec64fae6-97d3-44c0-9377-b59a8a05ce43","is_powered_by":true,"section_story_id":"f5664908-70db-40db-b7d0-8470eae9dd7b","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/4\/148.jpg","photo_position":"above","related_issue":[597292],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Gov\u2019t-approved incentives for shipping companies revealed - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/07\/22\/govt-approved-incentives-for-shipping-companies-revealed\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gov\u2019t-approved incentives for shipping companies revealed\" \/>\n<meta property=\"og:description\" content=\"Incentives to shipping companies revealed: Shipping companies will receive discounts of up to 45% on shipping fees as part of a package of new incentives approved by cabinet last week, Al Mal reports. 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The president suggested the canal needs to integrate services that would attract more vessels to help it better cope with the economic effects of covid-19. The\u2026","rel":"","context":"In &quot;SHIPPING&quot;","block_context":{"text":"SHIPPING","link":"https:\/\/enterpriseam.com\/egypt\/category\/shipping\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/319.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":558982,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/04\/2020-wasnt-a-complete-disaster-for-the-suez-canal\/","url_meta":{"origin":597308,"position":1},"title":"2020 wasn\u2019t a complete disaster for the Suez Canal","author":"enterpriseam admin","date":"4 January 2021","format":false,"excerpt":"Suez Canal revenues dipped 3% in 2020 to USD 5.61 bn compared to USD 5.8 bn in 2019, the Suez Canal Authority said in a statement yesterday. The canal recorded its second-highest annual net tonnage last year at 1.17 bn tonnes from over 18k ships crossing the canal.Incentives and reductions\u2026","rel":"","context":"In &quot;SHIPPING&quot;","block_context":{"text":"SHIPPING","link":"https:\/\/enterpriseam.com\/egypt\/category\/shipping\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/1\/41.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":542777,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/17\/suez-canal-targets-usd-7-bn-revenues-in-2022\/","url_meta":{"origin":597308,"position":2},"title":"Suez Canal targets USD 7 bn revenues in 2022","author":"enterpriseam admin","date":"17 January 2022","format":false,"excerpt":"Suez Canal revenues are expected to hit USD 7 bn in 2022, up 11.1% from last year, Suez Canal Authority (SCA) boss Osama Rabie said in an interview with Bloomberg Asharq yesterday on the sidelines of Dubai\u2019s Expo 2020 (watch, runtime: 6:25). Canal revenues hit a record USD 6.3 bn\u2026","rel":"","context":"In &quot;Suez Canal&quot;","block_context":{"text":"Suez Canal","link":"https:\/\/enterpriseam.com\/egypt\/category\/data\/suez-canal\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/186.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":596969,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/14\/madbouly-cabinet-approves-traffic-act\/","url_meta":{"origin":597308,"position":3},"title":"Madbouly Cabinet approves Traffic act","author":"enterpriseam admin","date":"14 July 2019","format":false,"excerpt":"CABINET WATCH- Madbouly Cabinet approves Traffic Act: The Madbouly Cabinet signed off on amendments to the Traffic Act that would simplify ownership transfer procedures for car purchases, the cabinet said in a statement following its Wednesday meeting. The amendments reduce the number of authorizations required from the seller to complete\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":642582,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/08\/17\/government-announces-incentives-for-shipping-companies\/","url_meta":{"origin":597308,"position":4},"title":"Government announces incentives for shipping companies","author":"enterpriseam admin","date":"17 August 2017","format":false,"excerpt":"Ship lines get port fee break as gov\u2019t looks to restore competitiveness: The Ismail government will be providing shipping companies with breaks on Suez Canal port fees as high as 50%. The reduced pricing will be proportionate to the volume of cargo shipped by the lines, Transport Minister Hisham Arafat\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":626947,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/16\/ships-passing-through-suez-canal-to-pay-fees-electronically-and-in-advance-from-country-of-origin\/","url_meta":{"origin":597308,"position":5},"title":"Ships passing through Suez Canal to pay fees electronically and in advance from country of origin","author":"enterpriseam admin","date":"16 July 2018","format":false,"excerpt":"Ships passing through the Suez Canal will now have to pay their fees in advance, Suez Canal Authority (SCA) head Mohab Mamish said yesterday, Al Shorouk reports. Fees, which are collected in USD, will now have to be wired from a ship\u2019s country of origin rather than transferred locally through\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/597308","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=597308"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/597308\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/597292"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/597309"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=597308"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=597308"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=597308"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=597308"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=597308"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}