World News
Singapore to Incentivise Green Ships
Monday April 25, 2022
Singapore's government is seeking to incentivise decarbonisation among ships registered to its flag with reduced fees.
From March 1 until the end of 2024, the MPA will provide incentives to Singapore-flagged ships that meet a set of green criteria, the organisation said in an emailed statement on Monday.
The incentives will be available to any Singapore-flagged ships that meet one of the following criteria:
- Exceed IMO's MARPOL Annex VI Phase 3 EEDI requirements by 10% or more
- Adopt engines capable of using low-carbon fuels with CF(conversion factor between fuel consumption and CO2 emission) equivalent to or lower than LNG(i.e. (bio)-LNG, (bio)-methanol, (bio)-ethanol);
- Adopt engine capable of using zero-carbon fuels (e.g. ammonia, hydrogen)
Ships that meet one or more of the criteria will be eligible for a 50% reduction in initial registration fees and a 20% reduction in annual tonnage tax, the MPA said.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 567.50 | 3.50 | 700.00 | 14.50 |
| Rotterdam | 512.50 | 4.00 | 695.00 | 17.50 |
| Houston | 556.00 | 6.00 | 679.00 | 1.00 |
| Fujairah | 562.50 | 2.50 | 755.00 | 0.00 |
| Global 20 Ports Average | 589.00 | 3.00 | 764.50 | 3.50 |
| Global 4 Ports Average | 552.00 | 3.00 | 699.00 | 2.50 |
| Global Average Bunker Price | 635.50 | 1.00 | 811.50 | 11.00 |
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