Singapore Offers Funding to Build LNG Vessels

Port of Singapore offers S$12 million funding for building of LNG-fuelled vessels as Singapore advances LNG bunkering efforts to meet future demand

The Port of Singapore, regarded as a leading bunkering hub, is poised to expand its offering of marine fuel solutions to include LNG.

In line with these efforts, the Maritime and Port Authority of Singapore (MPA) has taken another step toward the planned 2017 launch of the LNG Bunkering Pilot Program (LBPP) which aims to establish Singapore as a key LNG bunkering hub in Asia.

The Port of Singapore is inviting interested companies to tap on a S$12 million fund, from the MPA's "Maritime Innovation & Technology Fund" (MINT Fund), for the building of LNG-fuelled vessels. The MPA will provide funding of up to S$2 million per vessel, capped at two successful funding applications per company.

The MINT Fund, which encourages local and foreign companies with a local presence to undertake maritime-related R&D using Singapore's port and maritime facilities as the test-bed for their innovations, funds up to 50 percent of project costs.

The application process is now open, and interested applicants may find the application form, together with the criteria and funding guidelines at the following link: Co-funding Grant Application Form for LNG Fuelled Vessels.

Companies must be incorporated in Singapore, and the funded vessels must be flagged under the Singapore Registry or licensed for activity in Port of Singapore for a period of at least five years.

MPA said it has been collaborating closely with partner agencies, industry stakeholders and technical experts, to develop LNG bunkering standards, procedures and infrastructures. On July 28, 2015, MPA announced its Request for Proposal (RFP) for interested parties to apply for the LNG bunker supplier license that would allow the licensee to supply LNG bunkers to vessels in the Port of Singapore.