The Port of Singapore has set up a SGD 12 million (USD 8.4m) fund available to at least six Singapore-incorporated companies who want to invest in construction of Singapore-flagged liquefied natural gas (LNG)-powered vessels.
The financing for the project was secured by the Maritime and Port Authority of Singapore (MPA) through its ‘Maritime Innovation & Technology Fund.’
The MPA will provide funding of up to SGD 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 years.