🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Singapore bunkering hub ready for IMO 2020, expands LNG bunkering group -minister

Published 03/10/2018, 04:32
Updated 03/10/2018, 04:40
© Reuters.  Singapore bunkering hub ready for IMO 2020, expands LNG bunkering group -minister
NG
-

SINGAPORE (Reuters) - Singapore authorities are taking measures to ensure the availability of low-sulphur marine fuels ahead of upcoming emissions regulations in 2020, Singapore's Senior Minister of State for Transport and Health Lam Pin Min said on Wednesday.

"(The) MPA is working closely with the industry to ensure that Singapore is ready to supply low-sulphur compliant fuels ahead of 1 January, 2020," said Lam at the Singapore International Bunkering Conference and Exhibition.

The Maritime and Port Authority of Singapore (MPA) will make available a list of licensed bunker suppliers of low-sulphur fuels by mid-2019, said Lam.

Singapore is the world's largest marine refuelling, or bunkering, hub.

The International Maritime Organisation (IMO) is introducing new rules on marine fuels from 2020, limiting the sulphur content to 0.5 percent, from 3.5 percent currently, to curb pollution produced by the world's ships.

Singapore is also continuing to promote the use of cleaner-burning liquefied natural gas (LNG) as a marine fuel, also called bunkers, at home and abroad.

The MPA also announced on Wednesday that the Suez Canal Economic Zone Authority has joined the LNG Bunkering Port Focus Group, the first Middle Eastern port to do so, in an effort to strengthen LNG-bunkering capabilities across key global ports.

"The growing membership will strengthen the global network of LNG bunkering facilities and give shipping lines more confidence to invest in LNG-fuelled vessels," said Lam.

The working group was first formed by port authorities in Singapore, Belgium and the Netherlands in 2014 and is now comprised of 12 ports across Asia, the Middle East, Europe and North America.

Using LNG to power ships instead of fuel oil or marine gasoil can reduce emissions of the pollutants nitrogen oxide and sulphur oxide by 90 percent to 95 percent.

Singapore had record bunker fuel sales in 2017 of 50.6 million tonnes.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.