MPA Gives Financial Boost to LNG Bunkering in Singapore

The Maritime and Port Authority of Singapore (MPA) has injected additional SGD 12 million (USD 8.9 million) to boost liquefied natural gas (LNG) bunkering in the Port of Singapore.

Half of the amount 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 support MPA’s existing co-funding programme intended for the building of LNG-fuelled vessels.

Launched in 2015, the initial funding for this programme has been fully utilized to support Keppel SMIT Towage Pte, Maju Maritime Pte, Harley Marine Asia Pte, Sinanju Tankers Pte, and most recently, PSA Marine (Pte), the port authority said.

Applications for the new fund for the building of bunker vessels have now opened and MPA is inviting interested companies to tap on it to co-fund up to SGD 3 million per vessel.

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 vessels, including working with MPA’s existing LNG bunker supply licensees, where applicable. Applications will close on March 31, 2018.

 “With the implementation of the International Maritime Organization’s (IMO) 0.5 percent global sulfur 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,” Andrew Tan, Chief Executive of MPA, said.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jun 2018 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1

TRANSTEC 2018

TRANSTEC 2018 welcomes participants to explore Russian Ports and Shipping development opportunities…

read more >

Europort 2018

From 15-17 May 2018, the 12th edition of Europort Romania willl take place in the IDU Hall in Constanta…

read more >

The 27th World Gas Conference

The 27th World Gas Conference is the leading global industry event and is the definitive gathering of influential leaders, buyers and sellers, policy-makers and experts from around the world.

You will hear critical business insights and lively debates on the most topical issues facing the global gas industry today and in the future.

From 25-29 June 2018, Washington DC is expected to host 12,000 attendees, 500 speakers and 350 exhibitors representing, more than 600 companies from 100 countries.

Presented by the IGU, this is the largest and most high-profile gas event that is conducted by the industry for the industry.

Read More

read more >

SMM 2018

This is a must-attend event – a unique opportunity to meet key players, display business strengths, establish new contacts and exchange…

read more >