Half of the fund will be used to build LNG-fuelled vessels.
The Maritime and Port Authority of Singapore (MPA) injected another $12m to boost Liquefied Natural Gas (LNG) bunkering in the Port of Singapore.
According to a press release, Half of the fund will support the building of new LNG bunker vessels (LBVs) to facilitate the development of ship-to-ship LNG bunkering in the Port of Singapore. The remaining half will be used to top up MPA’s existing co-funding programme to support the building of LNG-fuelled vessels.
MPA invited Singapore-incorporated companies to tap into the programme and co-fund up to $3m per LBV.
Funded vessels must also 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.
Launched in 2015, the initial funding for this 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 most recently, PSA Marine (Pte) Ltd.
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