Singapore, 31 July 2026 – Yinson GreenTech’s marine electrification business, marinEV, has secured a bareboat charter contract from OPL Services Pte Ltd for Hydromover 2.0, marking another commercial deployment of its electric cargo vessel.
The contract commenced on 22 July 2026 and will deploy Hydromover 2.0 in cargo and logistics operations within the Port of Singapore.
Under a bareboat charter structure, the vessel is provided to the charterer without the shipowner supplying the operational crew. OPL will therefore integrate the vessel into its harbourcraft operations while marinEV retains its role as the vessel provider.
Hydromover 2.0 will operate from Singapore’s first decarbonisation hub dedicated to electric supply vessels. The facility is operated by Toll Group and provides an operational base for electric maritime logistics within the port.
The agreement also incorporates marinEV’s Marine Digital Platform. The digital system collects operational information to support performance monitoring, fleet management and optimisation.
Combining an electric vessel with a digital management platform allows the operator to evaluate energy use, voyage performance and fleet utilisation. This information can support decisions on route planning, charging requirements and maintenance schedules.
The contract builds on an existing relationship between marinEV and OPL, an established Singapore harbourcraft operator. OPL previously signed a letter of intent to trial Hydromover 1.0 and contributed operational feedback during the vessel’s development.
The move from an early trial relationship to a commercial charter provides a stronger demonstration of operator acceptance. It indicates that OPL is prepared to deploy electric harbourcraft within its day-to-day cargo and logistics activities rather than limiting its participation to technology testing.
Hydromover 2.0 was commercially launched in 2025 and has since attracted interest from operators in Singapore and overseas. The vessel is designed for short-distance port and harbour operations, where defined routes and regular access to charging facilities can make electrification more practical.
marinEV managing director Jan-Viggo Johansen said the award reflected growing confidence that electric vessels could provide a technically viable and commercially practical option for port operations.
OPL Services director Stanley Ong said the company had been assessing solutions capable of improving the sustainability and efficiency of its operations. Its previous involvement in marinEV’s vessel development provided the foundation for the latest deployment.
Financial details, including the contract value and charter duration, were not disclosed. The direct earnings contribution to Yinson GreenTech therefore cannot yet be determined from the information provided.
Supporting Singapore’s Maritime Transition
Harbourcraft represent a practical starting point for maritime electrification because many vessels operate within limited geographical areas and return regularly to established port facilities. This operating pattern can make charging infrastructure and energy planning more manageable than for long-distance shipping.
Commercial adoption will nevertheless depend on vessel availability, charging time, battery performance and the total cost of ownership compared with conventional alternatives. Operators must also ensure that new vessels can meet cargo requirements without disrupting schedules.
The dedicated decarbonisation hub addresses part of this challenge by providing infrastructure specifically designed to support electric supply vessels. A growing network of vessels and charging facilities could strengthen the economics of electrified port operations over time.
The Ledger Asia Insights
The Hydromover 2.0 charter is strategically significant because it moves marinEV further from vessel development towards recurring commercial deployment. OPL’s involvement in the earlier trial programme also provides a credible pathway from customer feedback to operational adoption.
The inclusion of the Marine Digital Platform strengthens the proposition by combining hardware with data-driven services. If marinEV can replicate this model across additional operators, it could develop revenue streams spanning vessel charters, fleet technology and operational support.
Investors will still require disclosure of the charter tenure, pricing and capital requirements before evaluating the contract’s financial materiality. Vessel utilisation and charging infrastructure will also influence returns.
The award nevertheless gives marinEV another operating reference within one of Asia’s most important maritime centres. Reliable performance in OPL’s daily logistics operations could encourage broader harbourcraft adoption, supporting Yinson GreenTech’s effort to build a scalable marine-electrification business while contributing to Singapore’s transition towards cleaner and more digitally managed port services.
