22.9 C
Hamburg
Sunday, June 1, 2025
Home Port News MPA calls financiers and insurers to support adoption of electric harbour craft...

MPA calls financiers and insurers to support adoption of electric harbour craft in Singapore

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.”





Latest Posts

The Indian Ocean Rivalry

The Indian Ocean has emerged as a strategic theater of competition between two Asian giants: India and China. India’s recent developments indicate a rapid expansion...

Statkraft advances plans for green hydrogen scheme at Hunterston

Europe’s largest generator of renewable energy has proposed the development of a green hydrogen facility at Hunterston, the former coal terminal in Ayrshire. Clydeport –...

Port of Bilbao wraps up busiest month for cruise traffic

May has marked a record month for cruise activity at the Port of Bilbao’s terminal in Getxo, with 18 cruise ship calls bringing over...

Tripoli port shutdown sparks maritime crisis in Libya

Libya’s shipping sector is teetering on the edge of collapse as fresh waves of political violence erupt in Tripoli, crippling key port operations and...

KlaipÄ—da port embarks on green hydrogen initiative

KlaipÄ—da Port launched its green hydrogen initiative, positioning itself as the first in Lithuania and the broader Baltic region to produce and supply green...
error: Content is protected !!