Asia/Pacific News
Singapore is 'Catching Up' With Europe on Alternative Bunkers: Fratelli Cosulich
Singapore's authorities are closing the gap between the world's largest bunkering hub and smaller competitors in Europe on developing alternative marine fuels infrastructure, according to bunker supplier Fratelli Cosulich.
"The Port of Singapore was a little bit behind European ports in developing LNG infrastructure," Timothy Cosulich, the firm's CEO, said at Petrospot's online Global Bunkering Summit on Tuesday.
"Singapore, however, is catching up."
Singapore has long been the world's largest bunkering hub, with annual sales of almost 50 million mt last year. But in recent years smaller bunker markets in Europe have made faster inroads into the alternative fuels space, partly as a result of local subsidies, particularly in the case of LNG bunkering.
That could be about to change, with an uptick in LNG bunker demand in Singapore expected this year.
Cosulich noted developments including the issuing of the city-state's third LNG bunkering licence to Total this year, and said at least two more LNG bunker barges would be deployed in Singapore this year.
"We expect things to move faster, thanks to a very proactive Maritime and Port Authority," Cosulich said.
"The private and the public sector in the country are very much aware of the environmental and energy challenges that our industry is facing, and there is confidence in the future."
