The Maritime and Port Authority of Singapore (MPA) announced on Thursday (Dec 13) that it has injected another S$12 million ($8.91 million) to boost Liquefied Natural Gas (LNG) bunkering in the Port of Singapore.
Half of the funding has been set aside to co-fund the building of new LNG bunker vessels to facilitate the development of ship-to-ship LNG bunkering in the Port of Singapore, said a statement.
The other half will be used to top up MPA’s existing co-funding programme to support the building of LNG-fueled vessels, said a statement.
Launched in 2015, the initial funding for the programme has been fully utilised to support Keppel SMIT Towage Pte Ltd, Maju Maritime Pte Ltd, Harley Marine Asia Pte Ltd, Sinanju Tankers Pte Ltd and PSA Marine (Pte) Ltd.
MPA said that applications for the new fund for the building of LNG bunker vessels (LBVs) are now open and interested companies are invited to tap on it to co-fund up to S$3 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 their business plan for the proposed LBV, including working with MPA’s existing LNG bunker supply licensees, where applicable.
Applications close on March 31 next year.