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Two shipping companies have secured tax
incentives and other perks from the Board of Investments Friday, the
Sun Marine Corp. and Transoil Corp.
Sun Marine, a new operator of a domestic
shipping oil tanker vessel, will invest P759 million to procure one
unit of brand-new 5, 562 dead weight ton (DWT) double-hull vessel,
while Transoil will spend P60 million for the modernization of an
oil tanker that was built in 1996.
Sun Marine said it will transport petroleum
products from the refineries and terminals to oil depots and bulk
plants along coastal routes nationwide. The tanker vessel it will
acquire is internationally classed vessel and used to haul petroleum
products. The operation will be docked in the port of Bauan in
Batangas.
Meanwhile, Transoil’s proposed modernization
project is in compliance with the new regulation that requires
tankers carrying black products to be double-hulled by 2009.
Late last year, the Board of Investments has
refined the guidelines on the Philippine Shipping Modernization
Program.
Trade Undersecretary Elmer C. Hernandez, who is
also the Board of Investments managing head, said the BOI incentives
under the heading of the shipping modernization program require that
newly acquired vessels should not be older than 10 years and
single-hull tankers be phased out.
-- Katrina Mennen A. Valdez
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