Singapore Launches Fund For Companies To Build LNG-Fuelled Vessels

reuters logo Singapore has launched a S$12 million ($8.44 million) fund for companies to build vessels fuelled by liquefied natural gas, as the city-state tries to encourage use of LNG while also trying to maintain its role as the world’s top bunkering hub.

Companies would be able to tap the fund for up to S$2 million per vessel, the port said in a statement on Wednesday.

Companies have to be incorporated in Singapore and the vessels must be flagged under the Singapore Registry or licensed for activity in Port of Singapore for at least five years.

LNG Fuelled
Credits: gl-group

The port sought proposals on LNG bunker supplies in late July to complement the country’s profile of itself as an LNG hub, and as a step towards meeting its own deadline of supplying the super-chilled fuel to ships by 2020.

In 2014, Singapore’s bunker industry recorded more than 42 million tonnes in bunker sales volumes, the port said.

The bunker sales comprise different grades of fuel oil, which are considered more highly polluting than natural gas.

(Reporting by Jessica Jaganathan; Editing by Tom Hogue)

Copyright 2015 Thomson Reuters. Click here for Restrictions

Disclaimer :
The information contained in this website is for general information purposes only. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.

In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.

Do you have info to share with us ? Suggest a correction

Latest Shipping News You Would Like:

Get the Latest Maritime News Delivered to Your Inbox!

Our free, fast, and fun newsletter on the global maritime industry, delivered everyday.

Leave a Reply

Your email address will not be published. Required fields are marked *