Singapore’s GCMD to work with insurance firm Gard on maritime decarbonisation

The Global Centre for Maritime Decarbonisation (GCMD) has agreed to will work with Norwegian marine insurance provider Gard to accelerate decarbonisation of the maritime industry.

PHOTO: Cargo terminal at the Port of Singapore. Getty Images

The two entities have signed a five-year agreement for the collaboration. Gard will assess and quantify risks involved in GCMD’s pilots and trials related to decarbonisation technology. It will also provide hull and machinery support along with insurances for the projects.

The move will help the shipping industry to adopt decarbonisation technologies and green marine fuels, GCMD says.

GCMD is a non-profit organisation funded by the Maritime and Port Authority of Singapore (MPA) and six other entities.

Singapore has stepped up its efforts to decarbonise shipping and is looking to extend its leadership as the world’s largest bunkering port into the low-carbon bunkering market.

The GCMD said that by the beginning of October, over 40 biofuel bunker operations had been carried out in Singapore, with more than 70,000 mt of biofuel blends supplied to ocean-going vessels.

In August, Singapore's MPA signed an agreement with the Port of Rotterdam Authority to create a green shipping corridor.

Singapore will also see methanol bunkering trials next year with Scottish firm Global Energy Group working to introduce a first dedicated methanol bunkering tanker there.

By Shilpa Sharma

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