MPA Gives Financial Boost to LNG Bunkering in Singapore
Illustration; Image Courtesy: MPASThe 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.
