Asia/Pacific News
Singapore Offers FSRU Port Fee Cuts to Support LNG Bunkering
Singapore's authorities are offering reduced port fees to floating storage units (FSUs) and floating storage regasification units (FSRUs) over the next five years to support the nascent LNG bunker industry in the area.
The Maritime and Port Authority will offer 50% concessions, worth up to SG$600,000 per FSU or FSRU, from now up to the end of 2024, it said earlier this month.
"The 50% harbour craft port dues concession would be given annually upon successful renewal of the harbour craft licence," the MPA said in the statement.
"In the event of non-compliance at any time during the licence period, the 50% harbour craft port dues concession for the year will be withdrawn and the owner/agent will be required to repay MPA the concession received."
While the LNG bunker industry has taken off rapidly in Europe, in particular at Rotterdam, it has yet to show signs of the same growth in Southeast Asia. Singapore does not yet include LNG sales in its monthly release of bunker volumes data.
