The Maritime and Port Authority of Singapore (MPA) has launched an expression of interest (EOI) to engage financial institutions, marine insurers, and brokers to accelerate the adoption of electric harbour craft. This initiative is part of Singapore’s strategy to enhance sustainability in its maritime industry.

Participants in the EOI are expected to propose financing and insurance solutions to encourage the transition to electric harbour craft. The MPA aims to create viable financial structures and insurance packages that can support early adopters of electric vessels. One potential starting point for demand planning could involve an aggregated fleet of 50 craft, though other fleet sizes are also welcome.

In the financing scope, proposals should outline interest rates, loan terms, and risk mitigation strategies. Similarly, insurance proposals must include details on premiums, policy terms, and protection types, such as hull and machinery or indemnity coverage.

The MPA has set a deadline of December 19 for submissions, with the goal of supporting earlier consortiums formed in July to design electric harbour craft. This initiative aligns with Singapore’s broader efforts to reduce carbon emissions in its port operations, engaging financial and insurance players to play a key role in this transition.