Business
Government of Canada Approves Duty Removal for Ships
Government of Canada Approves Duty Removal for Ships
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[{"type":"text","content":"\n\n\n\n Oct. 1, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\nShipping industry poised to renew the Canadian fleet\n\nOTTAWA, Oct. 1 /CNW/ - The Government of Canada's decision today to end the long standing 25 per cent import duty on certain types of vessel signals a new era in the development of the Canadian marine transportation industry.\n"The Canadian shipping fleet is aging, and as we approached the need for vessel replacement, it was clear that the 25% duty had become a huge impediment to fleet renewal" said Bruce Bowie, President and CEO of the Canadian Shipowners Association (CSA). "With the elimination of this duty, the industry will be in a better position to renew the fleet, to increase efficiency and bring more environmental benefits to the transportation sector faster. New vessels will improve the Canadian industry's environmental performance and reduce the environmental footprint of what is already the most ecologically-sound transportation mode."\nThe removal of duty on ships imported into Canada for use in Canada's coasting trade is an important measure to help maintain the competitiveness of Canadian industry, particularly in Canada's industrial heartland along the Great Lakes/St. Lawrence marine highway. Duty removal will encourage new marine transportation initiatives in Canada to take advantage of the underutilized marine highway and relieve congestion currently experienced on ground-based modes of transport.\nNew vessels will provide i...