Singapore Funds LNG-Fuelled Newbuilds

Singapore

By MarEx 2015-09-30 18:51:46

Singapore has launched a S$12 million ($8.44 million) fund to help shipping companies build vessels fuelled by LNG.

Companies will be able to tap the fund for up to S$2 million ($1.4 million) per vessel, the Maritime and Port Authority of Singapore (MPA) said in a statement on Wednesday.

Companies have to be incorporated in Singapore and the vessels must be flagged under the Singapore Registry or licensed for activity in the Port of Singapore for at least five years. The funding will be capped at two vessels per company.

Applications are now open, with the launch of the LNG Bunkering Pilot Programme (LBPP) targeted for early 2017. 

MPA has been collaborating closely with partner agencies, industry stakeholders and technical experts to develop LNG bunkering standards, procedures and infrastructures. The port sought proposals on LNG bunker supplies in late July to complement the country's profile of itself as an LNG hub and as a step towards meeting its own deadline of supplying the super-chilled fuel to ships by 2020.

In 2014, Singapore’s bunker industry recorded more than 42 million tons in bunkers sales volumes, maintaining its position as the world’s top bunkering port.