THE MARITIME and Port Authority of Singapore is calling for financiers and insurers to support the adoption of electric harbour craft in Singapore.

MPA is inviting financial institutions and intermediaries as well as marine insurance providers and brokers to submit proposals via expression of interest to accelerate the adoption of electric harbour craft.

It believes the EOI would support uptake among owners and operators of harbour craft in Singapore.

MPA chief executive Teo Eng Dih said the harbour craft sector is an integral part of the 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,” he said.

“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.”

MPA expects EOI participants 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, but may also propose other portfolio sizes.

For the insurance component of the EOI, MPA expects participants to propose insurance solutions to address various elements of operating electric harbour craft, such as hull and machinery or protection and indemnity.

MPA said harbour craft, pleasure craft and tug boat sectors are required to achieve net-zero emissions by 2050.

It said 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 new 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.