Half of the total 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 while the remaining half will be used to top up MPA’s existing co-funding programme to support the building of LNG-fuelled vessels.
The programme was initially launched in 2015, and the first batch of funding of SGD12m has been fully utilised to support Keppel SMIT Towage, Maju Maritime, Harley Marine Asia, Sinanju Tankers, and most recently, PSA Marine.
Applications for the new fund for the building of LBVs are now open and MPA is inviting interested companies to tap on it to co-fund up to SGD3m 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 March 31, 2018.
MPA ce Andrew Tan said: “With the implementation of the International Maritime Organization’s (IMO) 0.5% global sulphur 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.”
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited. Add Seatrade Maritime News to your Google News feed.
