The Maritime and Port Authority of Singapore (MPA) has received 12 financing and 7 insurance proposals in response to the Expression of Interest (EOI) launched to support early adopters of electric harbour craft (e-HC).
The proposals were submitted by local and international financial institutions (FIs), financial intermediaries, marine insurers, and insurance brokers.
MPA has shortlisted EOI proposals from DBS Bank Ltd, United Overseas Bank Limited, BNP Paribas Singapore Branch, KfW IPEX-Bank Asia Ltd, and Société Générale, to offer direct debt financing options for harbour craft owners. MPA will work with these banks to further develop their solutions.
The seven insurance-related submissions indicated that the proposed insurance premiums for e-HC are comparable to that of conventional harbour craft.
These proposals were submitted by Income Insurance Limited, QBE Insurance (Singapore) Pte Ltd, The Shipowners’ Mutual Protection and Indemnity Association (Luxembourg) Singapore Branch, NorthStandard Limited, Tigermar Global Pte Ltd, Cambiaso Risso Asia Pte Ltd, and Lockton Companies (Singapore) Pte Ltd.
EOI participants raised the areas of information sharing and access to relevant technical and operational information, loss prevention programmes and quality assurance, as supportive mechanisms needed to help right-price insurance premiums for e-HC.
MPA will consult the industry on these supportive mechanisms, which could include setting up a data repository platform, developing training programmes to promote safety awareness and best practices for e-HC operations, as well as establishing quality assurance frameworks and mechanisms to ensure repair and maintenance services standards for e-HC.
READ: IMO, MPA Singapore pilot maritime project at Port of Lobito
In January 2024, MPA announced three vessel charging concepts to be piloted in Singapore following the call for proposals to develop, operate, and maintain e-HC charging points in Singapore.
Earlier this year, MPA announced that it had set a new annual vessel arrival tonnage record of 3 billion gross tonnage (GT) in 2023.
More recently, MPA partnered with Pyxis Energy, Pyxis Maritime, SP Mobility, Seatrium O&G, and Yinson Electric to test vessel charging concepts in the region.
