Call for Financiers and Insurers to Support the Adoption of Electric Harbour Craft in Singapore

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     The Maritime and Port Authority of Singapore (MPA) has launched an Expression of Interest (EOI) today 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.

2.   This EOI will help drive the adoption of electric harbour craft among owners and operators of harbour craft in Singapore1.

3.   As part of their proposal for financing and / or insurance solutions, 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 these craft. 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.

4.   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 & machinery and / or protection & indemnity. Please refer to the Annex for details of the EOI.

5.   Mr 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.”

6.   Interested participants can visit the for detailed information and submission guidelines. All proposals must be submitted by 19 December 2023, 2359 hrs (Singapore time).  

1 By 2050, the harbour craft, pleasure craft and tug boat sectors are required to achieve net-zero emissions. To achieve the target, from 2030, all new harbour craft operating in the Port of Singapore must be fully electric, be capable of using B100 biofuel, or be compatible with net zero fuels such as hydrogen. The EOI follows from an earlier EOI launched in July 2023 for the design and development of best-in-class electric harbour craft reference designs to support early adopters of electric harbour craft.