Asia/Pacific News
MPA Sees Singapore Bunkering Standards Save Industry $59-146 Million
Singapore's standards for bunkering, including its mandatory use of mass flow meters (MFMs), may be saving industry as much as 199 million Singapore dollars ($146 million), according to the Maritime and Port Authority (MPA).
The MPA estimates potential savings from its TR 48 standard that has been in force since June 2016 at SGD80-199 million per year, it said in a statement on its website Wednesday.
"Cost savings for bunkering operations account for an estimated 66% to 76% of total savings," the MPA said.
"Cost savings from the reduction in the number of dispute resolutions as well as the time taken to resolve these resolutions account for the remainder.
"Several bunker suppliers surveyed observed enhanced bunker schedule management due to faster and more predictable turnaround in bunkering transactions.
"A number of shipowners added that inventory management had improved with the increased certainty in the quantity of bunkers received.
"They highlighted that the transparency arising from MPA's strict implementation of TR 48 has increased their preference to purchase bunkers in Singapore."
