BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry



« News Home
:: Monthly Archive

News Topics
:: Air Pollution
:: Agreements & M&A's
:: Alternative Fuels
:: BunkerBlog
:: Cargoes & Storage
:: Company News
:: Efficiency, Costs & Charges
:: Environment
:: Events
:: Financial
:: Fuel Quality & Testing
:: Lubes & Additives
:: Oil Spills
:: People
:: Port News
:: Projects
:: Regulation, Legal
:: Services, Products,Technology
:: Statistics & Research
:: Vessels

Regional Archive
:: Americas
:: Asia/Oceania
:: Europe
:: M.East/Africa


BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
Home » News



Singapore injects more capital to fund LNG bunker vessel newbuilds

Applications now open for interested firms to apply for funding of up to S$3m per vessel.



The Merlion with Marina Bay Sands in the distance. Image credit: mroach Flickr CC BY-SA 2.0


Updated on 14 Dec 2017 09:47 GMT

The Maritime and Port Authority of Singapore (MPA) has injected another S$12 million (US$8.9 million) to boost LNG bunkering in the port of Singapore.

Half of the amount has been set aside to co-fund the construction of new LNG bunker vessels (LBVs) to facilitate the development of ship-to-ship LNG bunkering at the Asian port.

The remaining half is to be used to top up the MPA's existing co-funding programme to support the building of LNG-fuelled vessels.

Launched in 2015, the initial S$12 million funding for this initiative has been utilized to support the construction of LNG-fuelled vessels for Keppel SMIT Towage Pte Ltd, Maju Maritime Pte Ltd, Harley Marine Asia Pte Ltd, Sinanju Tankers Pte Ltd, and, most recently, PSA Marine (Pte) Ltd. It allowed for co-funding of up to S$2 million per vessel.

Applications for the new fund for the development of LBVs are now open and the MPA is inviting interested companies to apply for funding of up to S$3 million (US$2.2 million) 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 a business plan for the proposed LBV, which should include working with the MPA's existing LNG bunker supply licensees, where applicable.

Applications will need to be submitted before the deadline on March 31, 2018.

Andrew Tan, chief executive of the MPA, said: "With the implementation of the International Maritime Organization’s (IMO) 0.5 per cent global sulphur cap on 1 January 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."

On Wednesday, Bunker Index reported that Germany's Federal Ministry of Transport and Digital Infrastructure (BMVI) is now accepting online applications to fund the conversion of ships to run on LNG bunkers. Projects will be eligible to receive funding for up to 60 percent of project costs, BMVI said.






Related Links:

Singapore sets new 12-month bunker sales record as November volumes rise
Vermont Bunkering and staff charged over fraudulent transactions in Singapore
Transocean becomes third top 10 supplier to be banned from bunkering in Singapore
Shell and MPA to jointly research clean fuels and digitalisation
Singapore to withdraw port dues concession in July
Singapore
Singapore

Latest News:

Hurtigruten to upgrade up to nine ships to gas-electric power
All-electric vessel launched for Norwegian fjord route
Wartsila CEO talks up 'critical role' of LNG, calls for 'clear' GHG roadmap
Industry coalition makes case for LNG in wake of MEPC 72
Oil and fuel oil hedging market update
Brent closed at $75 but quickly fell to current levels of $73-74
Itsas Gas secures Cepsa supply contract; Oizmendi starts bunkering in Huelva
Eco Marine Power to expand Aquarius Eco Ship Project
Wartsila in first optimised maintenance tie-up for LNGPac system
Bullish momentum sends oil prices above three-year high
Oil and fuel oil hedging market update
Nor Lines LNG-fuelled ships to include Rotterdam in weekly service




Page Links:

Prices
Africa
Asia
Latin America
Middle East
North America
North Europe
South Europe
Index Summary
Price Highlights
Commentaries
Futures
Prices
Antwerp
Busan
Cape Town
Fujairah
Houston
Istanbul
Kaohsiung
Las Palmas
Maracaibo
New Orleans
Piraeus
Rio
Rotterdam
Santos
Singapore
News
Latest News
Blogs
Archive
Americas
Asia
Europe
Middle East
News
Air Pollution
Agreements & M&A's
Alternative Fuels
Cargoes & Storage
Efficiency, Costs & Charges
Environment
Events
Financial
Fuel Quality
Lubes & Additives
Oil Spills
People
Port News
Projects
Regulation/Legal
Services, Products, Technology
Statistics & Research
Vessels
Contact & Terms
Contact Us
Advertise
Terms & Conditions
Privacy Policy
Events
Upcoming Events