SINGAPORE - The Maritime and Port Authority of Singapore (MPA) has injected another S$12 million to boost Liquefied Natural Gas (LNG) bunkering in the Port of Singapore.
Half the amount has been set aside to co-fund the building of new LNG bunker vessels (LBVs) to facilitate the development of ship-to-ship LNG bunkering in the Port of Singapore, while the other half will be used to top up MPA's existing co-funding programme to support the building of LNG-fuelled vessels, said the MPA in a statement.
Launched in 2015, the initial funding for this programme has been fully utilised to support Keppel SMIT Towage, Maju Maritime, Harley Marine Asia, Sinanju Tankers, and most recently, PSA Marine.
"With the implementation of the International Maritime Organisation's (IMO) 0.5 per cent global sulphur cap on Jan 1, 2020, LNG is a viable and tested solution for shipowners," said MPA chief executive Andrew Tan.
"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," he added.
Applications for the new fund for the building of LBVs are now open. MPA is inviting interested companies to tap it to co-fund up to S$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.