The Maritime and Port Authority of Singapore (MPA) has injected another S$12 million (US$8.9 million) to boost liquefied natural gas (LNG) bunkering in the Port of Singapore.
Half of this S$12 million has been set aside to co-fund the building of new LNG bunker vessels to facilitate the development of ship-to-ship LNG bunkering in the Port of Singapore.
The remaining half will be used to top up MPA’s existing co-funding program to support the building of LNG-fuelled vessels. Launched in 2015, the initial funding for this programme has been fully utilised to support Keppel SMIT Towage Pte Ltd
, Maju Maritime Pte Ltd, Harley Marine Asia Pte Ltd, Sinanju Tankers Pte Ltd, and most recently, PSA Marine (Pte) Ltd.
, Chief Executive of MPA, said. “With the implementation of the International Maritime Organization’s (IMO) 0.5 percent global sulphur cap on January 1, 2020, LNG is a viable and tested solution for shipowners. As the world’s largest bunkering hub, MPA will
support future demand by promoting the development of ship-to-ship LNG bunkering in the Port of Singapore. This will provide the industry greater confidence in the availability of LNG supply across key shipping routes.”
Applications for the new fund for the building of LNG bunker vessels are now open and MPA is inviting interested companies to tap on it to co-fund up to S$3 million per vessel. Applicants must be incorporated in Singapore, and the funded vessels must be registered with the Singapore Registry of Ships and licensed for bunkering activity in the Port of Singapore for a period of at least five years.
Applicants must also submit their business plan for the proposed bunker vessels, including working with MPA’s existing LNG bunker supply licensees, where applicable. Applications will close on March 31, 2018.