Maritime and Port Authority of Singapore offers companies US$8.5m funding for the building of LNG-fuelled vessels

The Maritime and Port Authority of Singapore (MPA) has offered companies SGD$12m (US$8.5m) funding for the building of LNG-fuelled vessels.
This is in line with the launch of the LNG Bunkering Pilot Programme (LBPP) which is expected for early 2017. The aim of the LBPP is to develop Singapore as a key LNG bunkering hub in Asia.
The bunkering hub is well-positioned to expand its offering of marine fuel solutions to vessels that enter its waters. In 2014, the Port of Singapore bunkered more than 42 million tonnes.
It will be funded by MPA’s Maritime Innovation and Technology Fund and will provide funding of up to SGD$2m (US$1.4) per vessel, but companies will be capped at two successful funding applications each.
In order to qualify for consideration the proposed projects must meet some of the following criteria: have engines that can either run purely on LNG or are dual-fuel, the vessel must be commissioned within 18 months from the date of approval and no costs must have been incurred or committed for the building of the vessel prior to project approval.
Alongside this, companies that apply must be incorporated in Singapore and the vessel must be flagged under Singapore Registry or licensed for activity in the Port of Singapore for at least five years.