MPA receives 7 insurance proposals for early adoption of e-HC

Singapore's MPA is also evaluating insurance plans for e-HCs.

The Maritime and Port Authority of Singapore (MPA) has received an Expression of Interest (EOI) for financing and insurance proposals aimed at supporting the early adopters of electric harbour craft (e-HC). 

Seven insurance proposals have been received, indicating that the proposed insurance premiums for e-HC are comparable to conventional harbour craft. These proposals were submitted by Income Insurance, QBE Insurance (Singapore), The Shipowners’ Mutual Protection and Indemnity Association (Luxembourg) Singapore Branch, NorthStandard , Tigermar Global, Cambiaso Risso Asia, and Lockton Companies (Singapore). 

EOI participants highlighted the need for supportive mechanisms such as information sharing, access to technical and operational information, loss prevention programs, and quality assurance to help with right-price insurance premiums for e-HC.

MPA will consult the industry on these mechanisms, which could include setting up a data repository platform, developing training programs, and establishing quality assurance frameworks.

MPA has also shortlisted proposals from several financial institutions (FIs) to offer direct debt financing options for harbour craft owners. Notable banks include DBS Bank Ltd, United Overseas Bank Limited, BNP Paribas Singapore Branch, KfW IPEX-Bank Asia Ltd, and Société Générale.

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Additionally, MPA is exploring alternative financing solutions beyond debt financing, with eight consortia submitting proposals. The next phase will involve a closed call for proposals to select the alternative financing proposal(s) for implementation.

MPA and Enterprise Singapore (EnterpriseSG) are collaborating to onboard interested FIs to the EFS-Green. This initiative, with EnterpriseSG undertaking risk-sharing of 70%, aims to provide more financing options for harbour craft owners transitioning to green technologies and solutions.

MPA has initiated pilot projects for e-HC charging points, with one concept already deployed at Marina South Pier in April 2024. Other innovative charging concepts are being explored.

A Technical Reference (TR) for e-HC charging and battery swap systems is being developed in collaboration with EnterpriseSG, industry stakeholders, and academia. The draft TR will provide requirements and guidelines for onshore electrical installations to ensure safety and interoperability.

MPA has shortlisted vessel designs for passenger launch and cargo lighter vessels, aiming to enhance energy efficiency and reduce energy requirements.

From 2030, all new harbour craft operating in the Port of Singapore must be fully electric, capable of using B100 biofuel, or compatible with net-zero fuels such as hydrogen. The MPA is working with industry stakeholders to develop standards for biofuels, including blends of up to B100.