The Maritime and Port Authority of Singapore (MPA) has launched an Expression of Interest (EOI) inviting financial institutions and intermediaries, as well as marine insurance providers and brokers, to submit proposals to accelerate the adoption of electric harbour craft in Singapore.
According to MPA, this EOI will help drive the adoption of electric harbour craft among owners and operators of harbour craft in Singapore.
Moreover, EOI participants are expected to assess and propose the demand planning parameters for electric harbour craft in the port of Singapore, which would provide sufficient scale to make financing viable and attractive for the adoption of the crafts.
Additionally, as a guide, participants may consider an aggregated fleet of 50 electric harbour craft as an initial demand planning parameter. EOI participants may also propose other portfolio sizes.
For the insurance component of the EOI, participants are expected to propose insurance solutions to address various elements of operating electric harbour craft.
To achieve the zero-emission target by 2050, all new harbour craft operating in the Port of Singapore must be fully electric by 2030, be capable of using B100 biofuel, or be compatible with net zero fuels such as hydrogen.
Teo Eng Dih, chief executive of MPA, commented, “The harbour craft sector is an integral part of our port ecosystem. To accelerate the adoption of electric harbour craft, financial institutions and insurers can play important roles to provide solutions that can help lower the barriers to support early adopters.”
