The Maritime and Port Authority of Singapore (MPA) on Thursday injected another SGD$12 million ($8.92 million) to boost liquefied natural gas (LNG) bunkering at Singapore, it says.
Half of the SGD$12 million will be for co-funding LNG bunker vessel (LBV) newbuilds to facilitate the development of ship-to-ship LNG bunkering at Singapore.
The remaining half will be used to top up MPA’s existing co-funding scheme to support the construction of LNG-fuelled vessels; the current programme has already been fully utilised to support Keppel SMIT Towage, Maju Maritime, Harley Marine Asia, Sinanju Tankers, and PSA Marine.
“With the implementation of the International Maritime Organization’s (IMO) 0.5% global sulphur cap on 1 January 2020, LNG is a viable and tested solution for shipowners,’ says Andrew Tan, Chief Executive of MPA.
‘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.”
According to the MPA, applications for the new fund for the building of LBVs are now open and interested companies are able to get co-funding of up to SGD$3 million per LBV.
To apply, companies 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 LBV, including working with MPA’s existing LNG bunker supply licensees, where applicable.
Applications will close on 31 March, 2018.
Photo credit: SLNG
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