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Unit OT 18-35, Level 18, Central Park Towers, Dubai International Financial Centre, Dubai, P.O. Box 18006, United Arab Emirates
16200 Central Green Blvd
GAC Regional Office, Asia Pacific 78 Shenton Way, #29-01
Group Vice President, Asia Pacific & Indian Subcontinent
Unit OT 18-35, Level 18, Central Park Towers, Dubai International Financial Centre, Dubai, P.O. Box 18006, United Arab Emirates
Unit OT 18-35, Level 18, Central Park Towers, Dubai International Financial Centre, Dubai, P.O. Box 18006, United Arab Emirates
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14 Aug 2020 / South Africa
At the South African Association of Ship Operators and Agents (SAASOA) Microsoft Team Annual General Meeting on 5 August, the following changes to the SAASOA Annual Subscriptions and Vessel Levies were proposed, seconded and passed by Members present:
ANNUAL SUBSCRIPTIONS
R 1 200 per Member exclusive of VAT (No change).
This was proposed by the Board of Directors and accepted by all Members present.
VESSEL LEVIES
Increase from R 300 to R 450 as below per call exclusive of VAT effective 1 September 2020.
- Current Levy R 300.00
- General Levy Increase R 50.00
- Legal Fees Contingency (see below) R 100.00
- TOTAL R 450.00
This Legal Fees Contingency portion will be revisited in August 2021, taking into account the Funds Balances that SAASOA manages to accumulate within the next twelve months, versus the Legal Expenses that SAASOA is expecting also within the next twelve months.
This was proposed by the Board of Directors and accepted by all Members present.
The rationale behind these increases was explained by the Board of Directors and Chief Financial Officer as follows:
1. In line with the slowing economy and the Worldwide COVID 19 Pandemic, the number of billable vessels is well below the budgeted number and is not showing any signs of improving at this stage of 2020.
2. SAASOA does not have access to outside loan funding in the form of bank overdrafts or other such funding.
3. SAASOA operating expenses have been trimmed to the lowest possible level and the Board of Directors have regular input to expenses incurred and reported in the monthly financial reports.
4. In the light of points 1 to 3 above, the Board of Directors consider it prudent to have available cash resources to cover approximately six (6) months operating expenses.
5. In order for SAASOA to continue effectively and efficiently, the Association needs to show an operating surplus each year into the future. With expenses having been cut to as low as possible, the only way to attain this goal is to increase revenue with call numbers dropping, this can only be attained by increasing the revenue base.
6. With the various Shipping Bills / Proposals / Amendments that are currently in the pipeline, SAASOA is going to incur Legal Costs in dealing with these matters. As SAASOA cannot keep asking Members for “Special Levies”, it was decided to increase the General Vessel Call Levy, which impacts all Members through their Monthly Vessel Calls. As this Call Levy is usually passed on to the Principal concerned, there is no impact on the individual SAASOA Member.
(For information about operations in South Africa, contact GAC South Africa at [email protected])
Source: South African Association of Ship Operators and Agents (SAASOA) letter dated 12 August 2020