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Singapore’s MPA offers funding to build LNG-fuelled vessels

Singapore’s MPA offers funding to build LNG-fuelled vessels
The Maritime and Port Authority of Singapore (MPA) is inviting interested companies to tap on a SGD12m ($8.4m) fund for the building of LNG-fuelled vessels, as part of an effort to advance LNG bunkering service in Singapore port.

The SGD12m fund falls under MPA’s Maritime Innovation & Technology Fund (MINT Fund), and the port authority will provide funding of up to SGD2m per vessel, capped at two successful funding applications per company.

Singapore port is taking steps toward the eventual launch of the LNG Bunkering Pilot Programme targeted for early 2017, with an aim to develop Singapore as a key LNG bunkering hub in Asia.

Singapore is already the world’s leading bunkering port by volume with bunker fuel sales of 42.42m metric tonnes in 2014, and sales of 29.64m metric tonnes in the first eight months of this year.

MPA pointed out that the applicants must be companies incorporated in Singapore and the funded vessels must be flagged under the Singapore Registry or licensed for activity in Singapore port for at least five years.

“MPA has been collaborating closely with partner agencies, industry stakeholders and technical experts, to develop LNG bunkering standards, procedures and infrastructures,” MPA said in a statement.

“On 28 July 2015, MPA announced its Request for Proposal (RFP) for interested parties to apply for the LNG bunker supplier licence that would allow the licencee to supply LNG bunkers to vessels in the port of Singapore.”