On December 14, Singapore Maritime and Port Authority has pumped an additional S$12 million to boost Liquefied Natural Gas (LNG) bunkering in the Port of Singapore.
Co-fund new bunker vessels:
About half of the amount will be used for co-funding new LNG bunker vessels (LBVs) to develop ship-to-ship LNG bunkering at the port of Singapore while the remaining half will top-up MPA’s existing co-funding programme to support the building of LNG-fuelled vessels.
The initial fund was which pumped in 2015 was used for supporting Keppel SMIT Towage, Maju Maritime, Harley Marine Asia, Sinanju Tankers and PSA Marine.
Mr Andrew Tan, chief executive of MPA said, “With the implementation of the International Maritime Organization (IMO) 0.5 per cent global sulphur cap on Jan 1, 2020, LNG is a viable and tested solution for shipowners. This will provide the industry greater confidence in the availability of LNG supply across key shipping routes”.
MPA has announced that it is accepting new applications for LBV proposala before March 31, 2018.
Requirements for company:
The companies who want to apply for the proposal must adhere to the following criteria, such as the 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 will have to submit their business plan for the proposed LBV, which includes working with MPA’s existing LNG bunker supply licensees, where applicable before the stipulated date.
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Source: Channel News Asia