The Maritime and Port Authority of Singapore (MPA) has issued an Expression of Interest (EOI) requesting financial institutions to submit solutions to expedite the adoption of electric harbour crafts.
This EOI will help drive the adoption of electric harbour craft among owners and operators of harbour craft in Singapore.
EOI participants are expected to assess and propose demand planning parameters for electric harbour craft in the Port of Singapore as part of their proposal for financing and/or insurance solutions, which would provide sufficient scale to make financing viable and appealing for the adoption of these craft.
Participants can use an aggregated fleet of 50 electric harbour vessels as a starting point for demand planning.
For the insurance component of the EOI, participants are expected to propose insurance solutions to address various elements of operating electric harbour craft, such as hull and machinery and/or protection and indemnity.
Teo Eng Dih, Chief Executive of MPA, said: “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.
“This will support the financing and insurance of selected consortiums in the earlier Expression of Interest on the design and development of electric harbour craft reference designs. We invite interested parties and institutions to put forth their ideas.”
In September, MPA Singapore signed three Memorandums of Understanding (MoU) with regional maritime administrations and partners in China to further collaboration on decarbonisation, digitalisation, talent development, and information sharing.