MPA puts in $12m more to boost LNG bunkering

A further $12 million has been invested to boost liquefied natural gas (LNG) bunkering in the Port of Singapore.

Half the amount from the Maritime and Port Authority of Singapore (MPA) will co-fund the building of new LNG vessels to help develop ship-to-ship bunkering.

The other half will top up the MPA's existing co-funding programme to support the building of LNG-fuelled vessels, it said in a statement yesterday.

The MPA launched a $12 million programme in September 2015 to support the building of such ships, allowing for co-funding of up to $2 million a vessel.

It said the initial funding has been fully utilised to support Keppel Smit Towage, Maju Maritime, Harley Marine Asia, Sinanju Tankers and most recently, PSA Marine.

MPA chief executive Andrew Tan said yesterday: "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."

Firms can tap the new fund for building LNG-fuelled vessels with co-funding of up to $3 million per ship.

They must be incorporated here and the funded vessels must be registered with the Singapore Registry of Ships and licensed for bunkering activity here for at least five years.

A version of this article appeared in the print edition of The Straits Times on December 15, 2017, with the headline 'MPA puts in $12m more to boost LNG bunkering'. Print Edition | Subscribe