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.

MPA on Thursday (Oct 19) said that the EOI will help to drive the adoption of electric harbour craft among both owners and operators of harbour craft in Singapore.

In terms of both financing and insurance solutions, EOI participants will be 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. 

While the authority suggested that participants may consider an aggregated fleet of 50 as an initial demand planning parameter, they may also propose other portfolio sizes.

Under the financing scope of the EOI, participants should provide parameters of the terms they are prepared to offer.

This includes but is not limited to: interest and pricing considerations, loan tenures and repayment profile, and the minimum financing quantum required to ensure the viability of the proposed financing solution or product.

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They should also provide preliminary considerations of risk assessment and propose suitable risk mitigation measures.

The insurance component of the EOI calls for the proposal of insurance solutions to address various elements of operating electric harbour craft such as hull and machinery, or protection and indemnity.

Participants submitting their insurance proposals are also required to provide broad parameters of the terms that they are prepared to offer, such as a breakdown of premium costs, policy terms, limits and exclusions.

All proposals must be submitted via e-mail to MPA by 11.59 pm on Dec 19. 

The EOI for financing and insurance solutions follows an exercise launched in July this year, where MPA called for proposals for the design and development of electric harbour craft reference designs.

MPA chief executive Teo Eng Dih said that the latest exercise will support selected consortiums in the earlier EOI.

“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. We invite interested parties and institutions to put forward their ideas.”