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Cochin Port has achieved a major milestone in bunkering sale (sale of fuel to ships) with the volume touching to 11,000 tonnes in March. This is for the first time that the bunkering volume had crossed 10,000 tonnes, according to the Port Trust.
The average sale during the previous months in this financial year was 6,000-8,000 tonnes. HPCL, BPCL-Matrix and IOCL are the major bunker suppliers in Cochin. The state government had earlier reduced VAT on bunkers being sold to foreign vessels giving a big boost to the sales, a port release said.
In the recent Budget proposals, the state government has further proposed reduction in rate of tax of domestic bunker from 15 to 4.5 per cent from April 1. The lowering of taxes on bunkers has resulted in development of this business which was non existent earlier. The Cochin Port Trust Board has offered rebates in vessel related charges for international vessels calling at the port for only for taking bunkers.
The board has also offered rebates for barges employed for carrying bunkers to vessels passing through outer routes. Two oil companies viz HPCL and BPCL-Matrix have already deployed high end-barges which has certification to proceed to outer roads to supply bunkers even during the monsoon period.
The port is proposing to provide land at Puthuvype, near here for tank farms for investors in the bunker business to promote the activity.
