SYM was delighted to become one of the first companies in the maritime industry to implement the new ‘ECPY Transport Contract’ in time for the main summer charter season.
The immediate benefits to the charterer are HUGE and we remain perplexed as to why the charter industry has not welcomed this change with open arms.
Firstly, this type of charter contract entitles the charterer to duty-free free fuel and secondly, if navigation includes an international voyage then no VAT is due on charter fees.
"Our first transport contract legitimately saved the beneficial owner €65,000 in VAT and by the time the charter had finished, the overall saving exceeded €100,000,” explained Ben Young.
There is an increased administrative burden with the new contracts, however. We have found that by working closely with the Captains and Charterers, we have managed to implement these new contracts and save our clients hundreds of thousands of euros in the process.
This service is only available to the SYM Managed Fleet and we can easily demonstrate that savings made, clearly exceed any costs for our entire list of services. Working with SYM is to our clients’ advantage therefore saving more money to spend on more relevant expenses.