The Maritime and Port Authority of Singapore has injected another S$12 million ($8.91m) to boost liquefied natural gas (LNG) bunkering in the Port of Singapore.
Half of this sum 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, MPA said in a statement on Thursday.
The remaining half will be used to top up MPA’s existing co-funding programme to support the building of LNG-fuelled vessels.
Launched in 2015, the initial funding for this programme has been fully utilised to support Keppel SMIT Towage Pte Ltd, Maju Maritime Pte Ltd, Harley Marine Asia Pte Ltd, Sinanju Tankers Pte Ltd, and most recently, PSA Marine (Pte) Ltd, MPA said.
According to MPA, applications for the new fund for the building of LBVs are now open and the MPA is inviting interested companies to tap on 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.
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.
“With the implementation of the International Maritime Organization’s (IMO) 0.5 per cent global sulphur cap on 1 January 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,” said Andrew Tan, Chief Executive of MPA.
“This will provide the industry greater confidence in the availability of LNG supply across key shipping routes,” added Tan.