• 2024 April 13 09:43

    Financiers and insurers ready to support electrification of the domestic harbour craft sector

    19 financing and insurance proposals received to support transition to electric harbour craft The Maritime and Port Authority of Singapore (MPA) has received 12 financing and seven insurance proposals in response to the Expression of Interest (EOI) launched to support early adopters of electric harbour craft (e-HC). The proposals were submitted by local and international financial institutions (FIs), financial intermediaries, marine insurers, and insurance brokers. Expanding the financing options for harbour craft owners, MPA said in a media release.

    MPA has shortlisted EOI proposals from DBS Bank Ltd, United Overseas Bank Limited, BNP Paribas Singapore Branch, KfW IPEX-Bank Asia Ltd, and Société Générale, to offer direct debt financing options for harbour craft owners. MPA will work with these banks to further develop their solutions.

    The response to the EOI has also affirmed the strong interest from FIs and financial intermediaries in offering alternative financing solutions beyond debt financing to support the sector’s transition to e-HC. Eight consortia submitted alternative financing proposals. In the next phase of the EOI process, MPA will issue a closed call for proposals to further select the alternative financing proposal(s) for implementation. MPA will provide more details on the next steps in 2  nd quarter 2024.

    MPA and Enterprise Singapore (EnterpriseSG) will also be working with interested FIs to explore onboarding them to the Enterprise Financing Scheme – Green (EFS-Green), with EnterpriseSG undertaking risk-sharing of 70% to support lending by participating FIs. This initiative will potentially open up more financing options for harbour craft owners planning on adopting green technologies and solutions for their fleet.

    Exploring supportive mechanism to right-price insurance premiums
    The seven insurance related submissions indicated that the proposed insurance premiums for e-HC are comparable to that of conventional harbour craft. These proposals were submitted by 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. EOI participants raised the areas of information sharing and access to relevant technical and operational information, loss prevention programmes and quality assurance, as supportive mechanisms needed to help right-price insurance premiums for e-HC. MPA will consult the industry on these supportive mechanisms, which could include setting up of a data repository platform, development of training programmes to promote safety awareness and best practices for e-HC operations, as well as establishing quality assurance framework(s) and mechanisms to ensure repair and maintenance services standards for e-HC.

    Other initiatives to support the harbour craft sector
    In January 2024, MPA announced three vessel charging concepts to be piloted in Singapore following the call for proposal3  to develop, operate, and maintain e-HC charging points in Singapore. The proposal by Pyxis and SP Mobility based on Direct Current (DC) charging has been deployed at Marina South Pier in April 2024. In addition, MPA has also assessed potential in the innovative mobile charging concept proposed by Seatrium O&G (International) Pte Ltd, and a high power (350-450kW) DC Charger proposed by Yinson Electric Pte Ltd. MPA will continue working with the two companies to further develop their proposals for future applications in Singapore through R&D collaboration.

    MPA is working with EnterpriseSG, industry stakeholders and academia, to develop a Technical Reference (TR) for e-HC charging and battery swap systems, to support the development of the e-HC charging infrastructure and ecosystem in the Port of Singapore. The draft TR will provide requirements and guidelines for onshore electrical installations to provide electrical power supply for both charging batteries installed in electric harbour craft and battery swap operations to ensure safety, operational efficiency, and interoperability.

    The draft TR will align with relevant International Electrotechnical Commission (IEC) standards, as well as local standard TR 25 “Electric Vehicles Charging System”. It will also adopt or adapt charging practices like the Combined Charging System (CCS), and the upcoming Megawatt Charging System (MCS), which is being commercially developed. The draft TR will soon be available for public consultation.
    MPA has recently shortlisted a total of 11 passenger launch and cargo lighter vessel designs following an EOI4  launched on e-HC design proposals. MPA is working with researchers to enhance the various vessel designs and reduce their energy requirements. When ready, the reference designs can be progressively marketed, and production orders aggregated from the industry. This is expected to reap overall cost savings for companies making a transition to e-HC.

    From 2030, all new harbour craft operating in the Port of Singapore will have to be fully electric, be capable of using B100 biofuel, or be compatible with net zero fuels such as hydrogen. For biofuels, blends of up to B50 are already commercially available. MPA is working with industry to develop the standards for up to B100.

    Financiers and insurers ready to support electrification of the domestic harbour craft sector

    From 2030, all new harbour craft in the Port of Singapore will have to be fully electric, be capable of using B100 biofuel, or be compatible with net zero fuels

    19 financing and insurance proposals received to support transition to electric harbour craft The Maritime and Port Authority of Singapore (MPA) has received 12 financing and seven insurance proposals in response to the Expression of Interest (EOI) launched to support early adopters of electric harbour craft (e-HC). The proposals were submitted by local and international financial institutions (FIs), financial intermediaries, marine insurers, and insurance brokers. Expanding the financing options for harbour craft owners, MPA said in a media release.

    MPA has shortlisted EOI proposals from DBS Bank Ltd, United Overseas Bank Limited, BNP Paribas Singapore Branch, KfW IPEX-Bank Asia Ltd, and Société Générale, to offer direct debt financing options for harbour craft owners. MPA will work with these banks to further develop their solutions.

    The response to the EOI has also affirmed the strong interest from FIs and financial intermediaries in offering alternative financing solutions beyond debt financing to support the sector’s transition to e-HC. Eight consortia submitted alternative financing proposals. In the next phase of the EOI process, MPA will issue a closed call for proposals to further select the alternative financing proposal(s) for implementation. MPA will provide more details on the next steps in 2 nd quarter 2024.

    MPA and Enterprise Singapore (EnterpriseSG) will also be working with interested FIs to explore onboarding them to the Enterprise Financing Scheme – Green (EFS-Green), with EnterpriseSG undertaking risk-sharing of 70% to support lending by participating FIs. This initiative will potentially open up more financing options for harbour craft owners planning on adopting green technologies and solutions for their fleet.

    Exploring supportive mechanism to right-price insurance premiums

    The seven insurance related submissions indicated that the proposed insurance premiums for e-HC are comparable to that of conventional harbour craft. These proposals were submitted by 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. EOI participants raised the areas of information sharing and access to relevant technical and operational information, loss prevention programmes and quality assurance, as supportive mechanisms needed to help right-price insurance premiums for e-HC. MPA will consult the industry on these supportive mechanisms, which could include setting up of a data repository platform, development of training programmes to promote safety awareness and best practices for e-HC operations, as well as establishing quality assurance framework(s) and mechanisms to ensure repair and maintenance services standards for e-HC.

    Other initiatives to support the harbour craft sector

    In January 2024, MPA announced three vessel charging concepts to be piloted in Singapore following the call for proposal3 to develop, operate, and maintain e-HC charging points in Singapore. The proposal by Pyxis and SP Mobility based on Direct Current (DC) charging has been deployed at Marina South Pier in April 2024. In addition, MPA has also assessed potential in the innovative mobile charging concept proposed by Seatrium O&G (International) Pte Ltd, and a high power (350-450kW) DC Charger proposed by Yinson Electric Pte Ltd. MPA will continue working with the two companies to further develop their proposals for future applications in Singapore through R&D collaboration.

    MPA is working with EnterpriseSG, industry stakeholders and academia, to develop a Technical Reference (TR) for e-HC charging and battery swap systems, to support the development of the e-HC charging infrastructure and ecosystem in the Port of Singapore. The draft TR will provide requirements and guidelines for onshore electrical installations to provide electrical power supply for both charging batteries installed in electric harbour craft and battery swap operations to ensure safety, operational efficiency, and interoperability.



    The draft TR will align with relevant International Electrotechnical Commission (IEC) standards, as well as local standard TR 25 “Electric Vehicles Charging System”. It will also adopt or adapt charging practices like the Combined Charging System (CCS), and the upcoming Megawatt Charging System (MCS), which is being commercially developed. The draft TR will soon be available for public consultation.

    MPA has recently shortlisted a total of 11 passenger launch and cargo lighter vessel designs following an EOI4 launched on e-HC design proposals. MPA is working with researchers to enhance the various vessel designs and reduce their energy requirements. When ready, the reference designs can be progressively marketed, and production orders aggregated from the industry. This is expected to reap overall cost savings for companies making a transition to e-HC.

    From 2030, all new harbour craft operating in the Port of Singapore will have to be fully electric, be capable of using B100 biofuel, or be compatible with net zero fuels such as hydrogen. For biofuels, blends of up to B50 are already commercially available. MPA is working with industry to develop the standards for up to B100.


2024 May 21

16:25 The first prototype trials of the Blue Visby solution demonstrate significant savings of CO2 emissions
15:40 New Times Shipbuilding launches LNG dual-fuel bulker for Eastern Pacific Shipping
15:24 New container service to connect the Chinese port of Qingdao with Mexico
14:52 Astrakhan SRZ launches the Project 22870 Rescue Tug Mikhail Chekov
14:47 TFG Marine’s dual-fuel bunker vessel wraps up first refueling in Singapore
14:12 New Zealand’s Kotahi and Maersk sign a second long term freight agreement to December 2034
13:24 TotalEnergies launches the Kaminho deepwater project in Angola
12:04 Headway Methanol Fuel Supply System supports the successful FAT of China's first methanol dual-fuel low-speed engine
11:17 Alfa Laval receives over 100 orders for its low-flashpoint fuel supply system FCM Methanol
10:45 Port of Los Angeles container volume increases 12% to 770,337 TEU in April 2024

2024 May 20

18:00 ADNOC secures equity position and LNG offtake agreement in NextDecades Rio Grande LNG Project
17:31 EDGE Group and Fincantieri formalise MAESTRAL shipbuilding JV and announce 400 mln euro order for 10 naval vessels
17:02 Genevos awarded European Commission funding for hydrogen fishing vessel demonstrator in ‘H2-SEAS’ consortium
16:43 MAI to invest in ship investment fund managed by Navigare Capital Partners
16:29 Three year collaboration between EMEC and FloWave offers wave and tidal energy developers ‘try-before-you-buy’ site simulation capability
15:58 IndustriAll Europe and SEA Europe agree on joint priorities ahead of the 2024 EU elections
14:51 Fincantieri shipyard launches Logistic Support Ship ‘Atlante’ for the Italian Navy's fleet
13:24 MOL Cruises announces the six inaugural cruises of MITSUI OCEAN FUJI
12:21 Deltamarin designs CO2 carrier of Ecolog
11:50 Tsakos Energy Navigation plans to invest $2 billion to create a 100% green fleet by 2030
11:23 Horizon Tankers order six newbuilds in China
10:55 Turkish-owned cargo ship sinks off Romania
10:15 Serica Energy receives final approval from the NSTA to develop the 100% owned and operated Belinda field

2024 May 19

15:43 RWE, Masdar award geophysical surveys contract for DBS West offshore wind farm
14:27 Intesa Sanpaolo and Fincantieri for the energy transition of maritime and air transport
14:03 MSC Cruises to expand at Port Canaveral with the arrival of the MSC Grandiosa
13:56 Noatum launches maritime services in Türkiye
12:44 New Pipeline Transition Alliance to focus on re-purposing natural gas infrastructure to hydrogen service
11:29 Yantai CIMC Raffles Offshore Ltd. shipyard launches dual-fuel offshore installation vessel for Van Oord
11:23 Major Scottish export terminal invests £750,000 to boost refrigerated cargo capabilities
10:12 Jan De Nul orders new XL cable-laying vessel

2024 May 18

15:24 SNAM's Q1 total revenues declined 1.9% to 895 million euros
14:17 KOTUG Int'l successfully pilots Tug Drone technology
12:04 Austal USA names Mark Santamaria as CFO
11:36 Silver Ships delivers four of seven coastal fast response boats
09:51 CMA CGM posts revenue of 11.8 billion for Q1 2024

2024 May 17

18:10 Bunker fuel sales at the Middle Eastern hub of Fujairah drop on a monthly basis in April 2024
17:52 Lloyd’s Register and Shandong Marine Group sign MoU
16:43 China reveals cooperation methods to protect and restore the Yangtze River
16:03 APM Terminals Barcelona holds the commissioning of 17 Konecranes NSC 644 EHY hybrid straddle carriers
15:13 Marine fuel demand in Panama declined in April 2024
14:43 MITSUI E&S and PACECO commence commercial operations of world's first hydrogen fuel cell zero emission RTG crane at Port of Los Angeles
14:23 ILWU Canada agrees to delay serving 72-hour strike notice on employer DP World Canada
13:31 Barge hits a bridge in Texas, damaging the structure and causing an oil spill
13:10 Container shipping costs on EU-S. Korea route surge over 30 pct amid Red Sea crisis
12:43 DP World invests €130m in Romania
12:21 Astrakhan hosts Russia-Iran talks on shipping cooperation on International North-South corridor
11:41 Seatrium awarded repeat FPSO integration contract from SBM Offshore
11:04 Bureau Veritas report highlights the potential of carbon capture technologies and the development of carbon value chains for shipping
10:41 Electramar christened in Helsinki
10:07 IMO Secretary-General spotlights seafarer safety amidst ongoing Red Sea attacks and resurging piracy
09:58 MABUX: Bunker Outlook, Week 20, 2024

2024 May 16

18:11 Kongsberg and Torghatten to develop self-driving ferry service linking Trondheim and the Fosen peninsula
17:42 “K” Line сonducts first trial use of B100 biofuel for carbon-free operations on car carrier
16:35 Deltamarin and ECOLOG unveil LP LCO2 carrier design
15:40 Seadrill enters agreement to sell its Qatar jack-up fleet
15:24 Scan Global Logistics and Hapag-Lloyd enter into major biofuel agreement in a new Green Collaboration
14:48 Edison Chouest feeder fleet for U.S. offshore wind market to be built to ABS Class
14:03 The Australian Government announces a funding package of $7.1 billion for budgeted programs to be administered by ARENA
13:54 The share of the idle container vessel fleet was 0.9% in April - Sea-Intelligence
13:25 The European Commission grants PCI status to CO2 value chain project developed by MOL with partners
12:14 HHLA's revenue decreased by 0.3 percent to € 363.6 millions in Q1 2024
11:42 MOL and TotalEnergies sign time charter contracts for 2 newbuilding LPG-fueled LPG carriers
10:40 Kalmar and Uniport Livorno agree on new terminal tractor order to enhance reliability, safety and service quality at Italian terminal
10:04 AMSA collaborates on a trial providing more recycling options for visiting foreign ships
09:59 SunGas Renewables and C2X announce strategic partnership

2024 May 15

18:07 MOL holds naming ceremony for newbuilding LNG carrier Greenergy Ocean to serve China National Offshore Oil Corporation
17:30 ClassNK and StormGeo mark significant collaboration to advance maritime decarbonization
17:02 Newly certified methanol valves to improve dual-fuel shipbuilding
16:45 HD KSOE to lease Subic shipyard in Philippines