MPA awards three firms S$8m in funds to defray costs of building LNG-powered vessels

Singapore

THE Maritime and Port Authority of Singapore (MPA) on Wednesday used the Singapore International Bunkering Conference and Exhibition (SIBCON) as a platform to unveil a slew of initiatives aimed at taking Singapore's port-city into a cleaner-burning maritime future.

First off, it announced a financial incentive - S$8 million that will go into co-funding the building of ships that run on liquefied natural gas (LNG). These funds will defray the building cost for four ships, given that the MPA has set aside S$2 million for each vessel.

Three companies have bagged funds under this vessel co-funding programme…