Singapore Pumps More into Bunkering

The Maritime and Port Authority (MPA) of Singapore has injected another S$12mn ($8.9mn) into LNG bunkering in the Port of Singapore, it said December 14.

Half of this S$12mn has been set aside to co-fund LNG bunker vessels to facilitate the development of ship-to-ship LNG bunkering in the port. The remaining half will be used to top up MPA’s existing co-funding programme to support the building of LNG-fuelled vessels, MPA said.

Launched in 2015, the initial funding for this programme all went on ships for Keppel SMIT Towage, Maju Maritime, Harley Marine Asia, Sinanju Tankers, and PSA Marine. In September 2015, MPA launched a S$12mn co-funding programme to support the building of LNG-fuelled vessels. It allowed for co-funding of up to S$2mn per vessel.

“With the implementation of the International Maritime Organization’s (IMO) 0.5% global sulphur cap on 1 January 2020, LNG is a viable and tested solution for shipowners,” said MPA CEO Andrew Tan. He added that as the world’s largest bunkering hub, MPA will support future demand by promoting the development of ship-to-ship LNG bunkering.

MPA said that applications for the new fund for the building of LNG bunker vessels are now open and MPA is inviting interested companies to tap on it to co-fund up to S$3mn/vessel.

To apply, companies must be incorporated in Singapore, and the funded vessels must be on the Singapore Registry of Ships and licensed for bunkering activity in the port for a period of at least five years. Applicants must also submit their business plan for the proposed bunkering vessel, including working with MPA’s existing LNG bunker supply licensees, where applicable.

Applications have to be submitted by March 31, 2018.