Singapore advances LNG bunkering efforts to meet future demand

By Finance

As the leading bunkering hub in the world, the Port of Singapore is well-positioned to expand its offering of marine fuel solutions to vessels that enter its waters.

In line with these efforts, the Maritime and Port Authority of Singapore (MPA) has taken another step toward the eventual launch of the LNG Bunkering Pilot Programme (LBPP) targeted for early 2017. The expressed aim of the LBPP is to develop Singapore as a key LNG bunkering hub in Asia.

Singapore advances LNG bunkering efforts to meet future demand

The Port of Singapore is inviting interested companies to tap on a S$12 million fund, from the MPA's Maritime Innovation & Technology Fund, for the building of LNG-fuelled vessels.

The MPA will provide funding of up to S$2 million per vessel, capped at two successful funding applications per company.

Companies must be incorporated in Singapore, and the funded vessels must be flagged under the Singapore Registry or licensed for activity in Port of Singapore for a period of at least five (5) years.

MPA has been collaborating closely with partner agencies, industry stakeholders and technical experts, to develop LNG bunkering standards, procedures and infrastructures. On 28 July 2015, MPA announced its Request for Proposal (RFP) for interested parties to apply for the LNG bunker supplier licence that would allow the licensee to supply LNG bunkers to vessels in the Port of Singapore.

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

Source: mpa.gov.sg