China agreement

China and Liberia have renewed their historic maritime agreement for an additional five years. The unprecedented five-year extension further strengthens the close relations between the governments of the two countries, and their long-term cooperation in the field of maritime transport. Liberian-flag vessels will continue to enjoy their preferential rate for tonnage dues when visiting any port in China. These savings – a 28 per cent port dues reduction – can translate to an effective net increase in time-charter equivalent rates of US$1,000 per day based on a 100-day voyage. It has also been agreed to establish a technical cooperation committee so that both countries can collaborate port state control, crew training and future maritime regulatory policy.