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Silverstream and Yiu Lian Dockyards (Shekou) sign MOU

LONDON, 12 November 2024: Silverstream Technologies, a maritime clean technology company specialising in air lubrication systems, has signed a memorandum of understanding (MoU) with Yiu Lian Dockyards (Shekou) Ltd, one of the largest ship repair yards in China and part of China Merchants Group. This partnership aims to drive retrofit installations of the Silverstream® System.

Yiu Lian Dockyards (Shekou) operates repair yards in Shekou, Shenzhen. The shipyard accepts all major vessel types but is well known as the leading repair yard in China for LNG carriers (LNGCs). LNGCs have a scheduled dry docking every five years after delivery; a time window that presents an ideal opportunity to retrofit clean technologies and enhance vessel energy efficiency without any loss of hire. 

The dockyard has serviced 734 vessels in the past three years from all segments, and so far in 2024 alone, it has dry-docked 28 LNGCs. As part of the agreement, the companies will collaborate on installations of the Silverstream® System for vessels dry docking at Yiu Lian (Shekou), ensuring efficient delivery, tailored to customers’ needs. 

Noah Silberschmidt, Founder & CEO, Silverstream Technologies commented: “Collaborating with leading shipyards is key to ensuring that more shipowners can benefit from our air lubrication technology, which enhances fuel efficiency and reduces emissions. With the most retrofit experience of any air lubrication technology provider, we’re committed to facilitating access to our Silverstream® System and contributing to a more sustainable and efficient shipping industry. We’re excited to sign this new agreement with the team at Yiu Lian Dockyards, enabling even more vessels to take advantage of our innovative solution.”

Xu Rong, Vice GM, Yiu Lian Dockyards (Shekou) Limited: “Reducing greenhouse gas emissions and saving fuel have become top priorities for shipowners and operators. Each year, we see growing interest from owners in retrofitting clean technologies on the vessels that visit our yards. The Silverstream® System, a market-leading air lubrication technology, is the ideal solution for these ships – particularly the LNG carriers we regularly service. We’re excited to now offer our customers the ability to facilitate installations of this innovative system.”

The Silverstream® System reduces frictional resistance between the water and the hull surface, reducing net fuel consumption and associated greenhouse gas emissions by an average of 5-10%. The system is unique in that it is the only proven air lubrication technology that can be retrofitted in 10 days or less, as well as being applicable to newbuilds. 

The system is fuel agnostic, effective in all sea states, and is applicable to all shipping segments. 

Silverstream exceeds 200 orders with new 18-strong LNG carrier deal

Maritime clean technology leader Silverstream Technologies has surpassed 200 orders for its air lubrication system with its latest confirmed deal. The Silverstream® System will be installed onboard 18 new LNG carriers, which will be chartered by a global energy company and owned and operated by shipping majors.

Silverstream’s current orderbook includes 57 LNG carriers, spans nine vessel segments, and includes 20 repeat customers, including seven major ship owners and 13 of the world’s largest shipyards. The company also has 82 systems in operation onboard the existing fleet.

Over the total lifetime of all contracted vessels, Silverstream estimates that its air lubrication technology will save its current customer base almost $5 billion in fuel costs and prevent the emission of over 19 million tonnes of CO2. Additionally, this CO2 reduction is projected to save approximately $2 billion through existing carbon tax systems.

Noah Silberschmidt, Founder & CEO, Silverstream Technologies said: “Silverstream was founded in 2010 with a vision to have a positive impact on shipping’s decarbonisation journey. Surpassing over 200 orders is a significant milestone for us, highlighting the tangible emissions and cost savings we have delivered for shipowners and operators. This achievement also demonstrates the meaningful impact we are making on the industry’s green transition. Our market-leading Silverstream® System is fast becoming a standard choice on newbuild vessels and a leading retrofit option improving vessel efficiency and sustainability.”

The Silverstream® System shears air from air release units (ARUs) in the hull to create a uniform carpet of microbubbles that coats the full flat bottom of a vessel. As a result, frictional resistance is decreased, cutting average net fuel consumption and GHG emissions by 5-10%. The system is fuel agnostic, effective in all sea states, and is applicable to all shipping segments.

As the shipping industry’s decarbonisation transition progresses, evolving regulatory and market drivers are strengthening the rationale for adopting vessel fuel efficiency solutions. LNG carriers could fall into non-compliant categories (D and E) of the IMO’s Carbon Intensity Indicator (CII) framework, largely because of the way in which they handle boil-off gas. Meanwhile, the EU’s Emissions Trading System (ETS) is adding a progressive cost to emissions, increasing in scope from 40% of emissions in 2024 to 70% in 2025 and 100% in 2026. This means that technologies such as the Silverstream® System not only lower fuel consumption and emissions, but also help to cut the costs of regulatory compliance.

According to recent Clarksons data, at least 33% of the world’s ships are fitted with a form of energy saving device by gross tonnage, but the number of vessels is only 8700, compared to a global fleet of 110,500.

By sector, container ships have seen the highest clean technology uptake with over 48% of fleet capacity fitted with at least one solution, followed by tankers and cruise ships, both over 38%, and bulkers over 35%. Air lubrication systems are attracting growing interest from shipowners with 500 systems either in operation or set to be installed on newbuilds on order.

The Silverstream® System, which makes up a significant proportion of the industry’s ALS uptake, is suitable for both retrofit and newbuild installations.

Silverstream sets up Global Operations Centre in Southampton

SOUTHAMPTON, 29 July 2024: Maritime clean technology leader Silverstream Technologies has successfully launched its new Global Operations Centre in Southampton, marking the latest milestone in Silverstream’s growth journey.

The new hub will enhance Silverstream’s operational capabilities and support the existing fleet. Additionally, it is equipped for further R&D on Silverstream’s Control and Monitoring System (CMS) solutions. Accommodating over 40 employees, the Centre also features state-of-the-art technology. Its strategic location, neighbouring Lloyd’s Register’s office, is designed to attract local talent from Southampton’s vibrant maritime business community and boost regional recruitment.

Representatives from the government, marine industry and Silverstream’s partners attended the Global Operations Centre’s opening ceremony last week.

Speaking on the opening of the Global Operations Centre, Noah Silberschmidt, Founder & CEO at Silverstream Technologies, said: “When we look back on our remarkable journey over the past 14 years, we are proud of what we have achieved. We have grown rapidly, thanks to our ability to scale and commercialise this technology, and this is something I am incredibly proud of.

“We also remain aware of the great opportunities that lie ahead, and our work is far from over. The decarbonisation challenge is no small feat, with real regulatory and commercial implications for ship owners and operators. Building on our track record as a leader in maritime transformation, we look forward to continuing to help our customers through this change.”

The new Global Operations Centre is ideally located near the Port of Southampton, which is a key hub for many of Silverstream’s customers including Carnival Corporation, Mediterranean Shipping Company (MSC) and Maersk.

Additionally, the Centre is close to the renowned Maritime Engineering School at the University of Southampton, a long-standing partner of Silverstream.

The Silverstream® System cuts average net fuel consumption and GHG emissions by 5-10%, helping shipowners around the world save fuel, lower emissions and reduce costs. The system achieves this by releasing a uniform carpet of microbubbles that coats the full flat bottom of a vessel, reducing friction between the hull and the water. Silverstream has successfully verified the savings that its technology creates through third-party assessment from organisations including the University of Southampton, Lloyd’s Register, Carnival and The Hamburg Ship Model Basin (HSVA).

Silverstream was founded in 2010 with a vision to have a positive impact on shipping’s decarbonisation. It completed its first installation in 2014 and has 80 systems installed onboard ships today.

Reflecting this strong growth journey and international interest in the technology, Silverstream opened a new office in Shanghai in 2022, bringing it closer to one of shipping’s key markets and powering up the company’s export arm.

It has also invested in all the internal functions that enable it to be a full lifecycle business, from IR&D and product engineering through to digital support and aftercare service, much of which will be based in the new Global Operations Centre.  

Silverstream supports Danish Women’s Eight Rowing Team

Silverstream Technologies is delighted to announce its support for the Women’s Eight of the Danish Women’s National Rowing team. 

Our Danish Founder and CEO Noah Silberschmidt recently visited the Women’s Eight in Copenhagen to congratulate them on their remarkable successes this year. 

Following Noah’s visit, the team embarked on a training camp in Portugal in preparation for their upcoming races, looking to maintain the standards set by their outstanding performances earlier this year. These athletes work diligently and consistently to strive for maximum efficiency over the water. Just as we aim to do with the Silverstream® System. 

Denmark is a historic shipping nation with deep roots in maritime trade, and one of the largest ship-owning countries in the world. The national rowing team are no exception when it comes to Denmark’s time-old connection to the water. The culturally significant National Rowing Centre is Denmark’s oldest sports federation. 

Denmark’s deep maritime heritage inspires us, and supporting the Women’s Eight aligns with our commitment to community and the environment. Collectively, between the Danish national rowing team and Silverstream, there is a shared understanding that our seas and waterways are our most valuable resource. The DFfR care profoundly about its environmental impact, standing for ‘a clean and green’ sport in a sustainable world. 

Silverstream, akin to the DFfR, value the preservation our marine environment above all else and is looking to build a cleaner, brighter future for this planet and everyone on it. The starting gun has been fired on maritime decarbonisation, and now is the time to transform maritime energy efficiency on a global stage. 

We are proud to sponsor and support this amazing team, and wish them the best of luck in their future competitions! 

See below for a video of the Danish Women’s Eight at their training camp in Portugal. 

https://youtu.be/6stGJo4dUN4 

Silverstream ranks 35 in Sunday Times Hundred 2024

Silverstream Technologies has achieved a significant milestone, securing a spot in the top 35 of The Times’ annual ranking of Britain’s 100 fastest-growing private companies.  

This recognition highlights Silverstream’s remarkable growth journey and reflects the confidence the global shipping industry places in the Silverstream® System.  

As a leader in maritime air lubrication technology, Silverstream’s inclusion in the Top 35 demonstrates the critical role the company’s innovation plays in addressing the pressing issue of maritime decarbonisation.  

The achievement is also a testament to the dedication and expertise of the entire Silverstream team and the company’s ability to successfully scale the Silverstream® System to meet the growing demand for sustainable shipping technologies. The accolade not only celebrates the company’s commercial success but also highlights the maritime sector’s commitment to embracing proven clean tech solutions in the face of environmental challenges.  

At this critical juncture for the industry, we help owners cut their emissions, reduce costs and meet tightening regulations.   

Read more about our success journey here. 

 

Silverstream agrees MOU with HD Hyundai Marine Solution

Silverstream Technologies has signed an MOU with HD Hyundai Marine Solution Co Ltd at Posidonia 2024.

HD Hyundai started as a shipbuilder in 1972 and has grown into a comprehensive heavy industry group. Part of its strategy is to provide next-generation clean technologies to shipowners, and Silverstream looks forward to collaborating with the Hyundai team to propel the uptake of the Silverstream® System.

The Silverstream® System is applicable to all shipping segments, is fuel agnostic and is effective in all sea states. It shears air from air release units (ARUs) in the hull to create a uniform carpet of microbubbles that coats the full flat bottom of a vessel, reducing resistance with the water. This lowers average net fuel consumption and GHG emissions by 5-10%.

Silverstream’s CEO & Founder Noah Silberschmidt and Vice President of Business Development Daniel Mann visited the HD Hyundai stand (3.507) to meet with Mr. K.D. Lee, President & CEO and Mr. Chan Park of HD Hyundai Marine Solution and sign the Memorandum of Understanding (MOU).

This MOU will facilitate collaboration between the parties to support the installation of the Silverstream® System on existing vessels where HD Hyundai Marine Solution are engaged in the installation and system integration engineering on behalf of vessel owners. 

Silverstream Technologies thanks SKCT,  the company’s local partner in South Korea, for supporting the signing of this agreement.

To read more about Silverstream’s activity in the Korean shipbuilding market, click here. 

Silverstream completes further LNG retrofit of Silverstream® System at Seatrium Yard in Singapore

Maritime clean technology leader Silverstream Technologies has today announced it has successfully completed another retrofit of its air lubrication technology, the Silverstream® System, on a large LNG carrier at Seatrium’s Admiralty Yard in Singapore.
 
The retrofit, which was on a 174k cbm LNG carrier owned by an oil major, was completed in just 30 days, reinforcing the role that Silverstream’s technology can play as a near-term decarbonisation solution for existing ships. It is the 11th retrofit of the Silverstream® System that the company has delivered worldwide.
 
Seatrium is a signed cooperation partner of Silverstream, which helped to facilitate a smooth retrofit process. The yard was formed after the merger of Sembcorp Marine and Keppel Offshore & Marine in 2023 and is widely recognised as one of the world’s most important players in repair and upgrade solutions for all types of vessels.
 
The Silverstream® System releases a carpet of air to reduce the frictional resistance between the hull and the water, reducing average net fuel consumption and GHG emissions by 5-10%. Moreover, in the case of LNGCs, these savings result in increased delivered volumes.
 
With regulations such as EEXI and CII tightening decarbonisation targets, clean technology retrofits onboard LNGCs of the sort achieved by Silverstream and Seatrium will become increasingly relevant for the segment. Unprecedented demand for LNG shipping capacity is restricting fleet renewal opportunities and minimising their time in drydock, further reinforcing the case for improving the energy efficiency of the existing LNG fleet.
 
Silverstream has a proven track record of newbuild and retrofit installations and has delivered every one of its 69 in-operation installations on time. By completing the retrofit within 30 days, Silverstream also minimises any impacts on a vessel’s profitability.
 
Silverstream is now receiving repeat orders within framework agreements across LNG and other segments based on the technology’s independently verified performance and Silverstream’s track record of successful retrofit installations.
 
Speaking on the announcement, Noah Silberschmidt, Founder & CEO, Silverstream Technologies, said: “This successful retrofit at Seatrium of our technology onboard another LNG carrier is yet further proof of our deep experience in the LNG segment. The market conditions and operational factors unique to LNGCs make them perfectly suited to our air lubrication technology, and we will continue to work with energy majors and our yard partners to ensure smooth installations onboard any vessel that chooses us as an efficiency-boosting option.”
 
Mr Alvin Gan, Executive Vice President, Repairs and Upgrades, Seatrium Limited, said: ”As the premier yard in LNGC repairs, upgrades and conversions, Seatrium is committed to working with our customers and partners to provide turnkey, one-stop solutions in energy efficiency retrofits for LNG carriers. Our collaboration with Silverstream Technologies is successfully delivering another retrofit of their air lubrication technology and further solidifies our position in the industry. By providing comprehensive engineering services through excellent project execution, we aim to continue to lead and play a key role in assisting our customers to achieve their energy efficiency targets.”
 
The vessel retrofitted at Seatrium will now move into post-drydock sea trials for the Silverstream® System. Silverstream supports customers throughout the lifecycle of the system, including through crew training during the commissioning phase and through lifecycle agreements for servicing, maintenance and upgrades. 

 

Silverstream features in FT 1000 Rankings for second year running

For two consecutive years in row, Silverstream Technologies has been featured in the Financial Times’ ‘FT 1000: Europe’s Fastest Growing Companies’ list, claiming an impressive 23rd spot among Europe’s fastest-growing companies and securing the 3rd position among the UK’s powerhouse companies, with a compound annual growth rate (CAGR) of 243.50%. 

For the eight edition of its rankings, the FT has sought out the 1,000 European companies with the strongest revenue growth between 2019 and 2022. More details of the ranking will be covered in an upcoming FT special report. 

Noah Silberschmidt, CEO and Founder of Silverstream, commented: “Breaking into the top 25 of FT’s fastest-growing companies in Europe for the second year in a row is a resounding victory for the Silverstream team and our game-changing technology. It’s irrefutable proof that the Silverstream® System is not just a choice, but the choice for newbuild vessels and the go-to retrofit option, revolutionising vessel efficiency.” 

Air lubrication’s commercialisation and scaling helps to solve the fundamental challenge of vessel energy efficiency in shipping, setting the industry up for the cleaner, greener vessels that it needs to achieve the International Maritime Organization’s carbon reduction goals. As the technology evolves, it also provides ship owners and operators with a means to improve vessel efficiency in the long-term and for the full lifecycle of their ships. 

As of March 2024, there are now 196 vessels contracted to have the Silverstream® System installed across all shipping segments, with 63 systems in-service today. 37 of the current orders are for LNGCs and there are currently 13 systems already in-service on LNGCs. Our customers include Carnival, MSC, Maersk, Grimaldi, Shell, Vale, Knutsen and ADNOC L&S, amongst other major industry names. 

KCC and Silverstream agree deal to equip next four vessels with air lubrication technology

Klaveness Combination Carriers (“KCC”) has agreed a deal to retrofit four additional vessels with the Silverstream® System, the proven air lubrication technology that reduces fuel consumption and the subsequent CO2 emissions.

The technology will be first installed on CLEANBUs Barracuda and Barramundi, with CABUs Balboa and Baffin due to follow. They join the already outfitted MV Ballard and upcoming MV Baru, bringing the total number of KCC vessels fitted with Silverstream’s technology to six.

The Silverstream® System utilizes a series of air release units (ARUs) located along the flat bottom of the vessel. Oil-free compressors generate pressurized air that is sent through the ARUs, creating a layer of microbubbles that lubricate the hull, thereby reducing the friction between the hull and water. This reduction leads to a decrease in net fuel consumption and the subsequent CO2 emissions.

KCC CEO Engebret Dahm comments: “Improving the energy efficiency of our fleet through proven and reliable technologies is crucial to our commitment of delivering cost-effective decarbonization for our customers. Early performance data from the first installation of the Silverstream solution on MV Ballard in September confirms a fuel consumption reduction in line with our expectations. We look forward to expanding its rollout.”

Silverstream Technologies Founder & CEO Noah Silberschmidt adds: “Our collaboration with KCC goes from strength to strength. They are a great collaboration partner for Silverstream Technologies and we are proud to support them on their journey towards net zero. The wet and dry bulk segment is an important one for Silverstream and we are pleased to be able to demonstrate the savings our Silverstream®️ System achieves in-service on these efficient combination carriers.”

It is expected the Silverstream solution will reduce emissions by an average of 5-7% on KCC’s vessels. In combination with the other energy efficiency measures underway in the fleet, this figure ranges approximately 15% when compared against performance as newbuilds. In addition to the agreed four vessels, KCC carries options for vessels built 2016-2021 to also equip the technology.

 

Silverstream and Franman sign agency agreement

Collaboration will support air lubrication technology newbuild and retrofit sales in Greece 

Silverstream Technologies and equipment and technical services provider Franman have signed an agency agreement to support sales of the Silverstream® System within Greece.
  
Since 1991, Franman has provided a wide range of services to the shipping industry, focused on shipbuilding equipment, spare parts, ship repairs and service, ship supplies, security, underwater cleaning and consulting. The company has an in-depth knowledge of and established relationships within the Greek shipping community.
 
The agreement will smooth the pathway to Silverstream® System uptake within Greece, with Franman able to act as a representative for Silverstream in the market and reach more potential end users of the technology to explore how it could be incorporated across their fleets.
 
The Greek shipping industry is a key market for retrofit and newbuild installations of the Silverstream® System. Greek shipowners control more than one-fifth of the world’s entire fleet, totalling approximately 5,514 vessels, or 21% of the global fleet in deadweight ton (dwt) terms. The Greek-owned fleet also represents 59% of the total EU-controlled fleet, according to the International Trade Administration.
 
Accessing clean technology will become increasingly commercially important for Greek shipowners. Starting on the 1st of January 2024, the EU Emissions Trading System (EU ETS) puts a cost on emissions from commercial ships of 5,000 GT or more that call at EU ports. Initially, 40% of emissions are in scope, quickly ramping up to 70% for 2025 and to 100% for 2026 onwards.
 
This additional cost on emissions will quickly improve the payback period for any clean technology proven to reduce greenhouse gas (GHG) emissions. The Silverstream® System releases a carpet of air to reduce the frictional resistance between the hull and the water, reducing average net fuel consumption and GHG emissions by 5-10%. This can offer an immediate competitive cost advantage within the EU ETS framework.
 
Noah Silberschmidt, Founder & CEO of Silverstream Technologies, commented: “Influential shipowners, shipyards, design institutions, class authorities, charterers – the Greek shipping community has it all. That’s why we’re delighted to sign this agreement with the Franman team to drive the uptake of our technology in this key market and to continue to build deep relationships in Greece. With decarbonisation regulations tightening and carbon markets becoming a reality, now is the time to adopt the proven Silverstream® System to cut fuel costs and carbon costs.”
 
Costis J. Frangoulis, Founder & CEO of  Franman, commented: “At Franman, we always strive to offer solutions that combine performance with sustainability. The integration of Silverstream’s leading air lubrication system into our portfolio will allow shipowners to not only comply with but exceed the industry’s evolving regulatory and environmental standards. With our established relationships and strong expertise, we look forward to supporting sales of the Silverstream® System and contributing to the wider marine decarbonisation transition.”
 
As of November 2023, there are now 180 vessels contracted to have the Silverstream® System installed across all shipping segments, with  53 systems in service today. Silverstream’s customers include MSC, Maersk, Grimaldi, Shell, Vale, Carnival and ADNOC L&S, amongst other major industry names.