MPA attracts financing and insurance proposals for electric harbour craft

It received a total of 19 proposals.

The Maritime and Port Authority of Singapore (MPA) has received 12 financing and seven insurance proposals following its Expression of Interest (EOI) call to support early adopters of electric harbour craft (e-HC).

Income Insurance Limited, QBE Insurance (Singapore) Pte Ltd, The Shipowners’ Mutual Protection and Indemnity Association (Luxembourg) Singapore Branch, NorthStandard Limited, Tigermar Global Pte Ltd, Cambiaso Risso Asia Pte Ltd, and Lockton Companies (Singapore) Pte Ltd. submitted the seven insurance proposals.

MPA has also shortlisted EOI proposals to offer direct debt financing options for harbour craft owners from DBS Bank Ltd, United Overseas Bank Limited, BNP Paribas Singapore Branch, KfW IPEX-Bank Asia Ltd, and Société Générale.

MPA will issue a closed call for proposals in the next phase of the EOI process to further select the alternative financing proposal(s) for implementation, with more details to be announced in 2H24.

MPA is working with EnterpriseSG and industry partners to develop the e-HC charging infrastructure and ecosystem in the Port of Singapore.

Both parties will also onboard alternative financial solutions to the Enterprise Financing Scheme – Green (EFS-Green), with EnterpriseSG undertaking risk-sharing of 70% to support lending by participating FIs.